Minister of Tourism and Environment Thoriq Ibrahim has stated that the government's efforts to shut down the dollar black market are now yielding positive results. Speaking at the 'Ahaa' Forum last night, he highlighted the decreasing rates of dollars in the black market, a clear indication of progress.

Thoriq attributed this improvement to the regulation that mandates tourism businesses to exchange a set amount of dollars at local banks each month. He expressed confidence that a permanent solution to the issue would soon be achieved.

"We all know without a doubt that now, the rates for dollars in the black market are also decreasing," Thoriq affirmed.

He further pointed out that the President's decision to increase the dollar limit to USD 1,500 for those traveling to Mecca for Umrah this Ramadan reflects the improvements in the dollar shortage situation. Currently, individuals traveling abroad can purchase up to USD 500 at official exchange rates from the Bank of Maldives. However, due to growing confidence in resolving the shortage, the President has announced plans to increase this limit to USD 1,000 per passenger within the first quarter of next year.

The central bank, Maldives Monetary Authority (MMA), reported that under the new foreign exchange regulations for tourism enterprises, over USD 50 million had been exchanged at local banks by the end of January.

Minister of Economic Development and Trade Mohamed Saeed also addressed the issue, noting that the President had faced significant challenges due to dollar shortages. However, he emphasized that cooperation from the tourism industry is playing a key role in resolving the issue.