Mohamed Firaq, Founder and CEO of Inner Maldives, has urged changes to the Maldives’ current monetary system, promoting the shift towards a "single currency economy."

During the 'Igthisaadhuge Dhefaraaiy' (Two Sides of the Economy) programme organized by the Economic Ministry, Firaq pointed out that the Maldives utilizes a dual-currency system, labeling the method as "archaic" in its origins.

Firaq emphasized a notable difference in the economy, pointing out that although the tourism sector mainly functions in US Dollars, the everyday financial dealings of Maldivians are largely carried out in Maldivian Rufiyaa.

He highlighted the existence of around 280,000 foreign workers in the country, mentioning that their wages and other income are exchanged for US Dollars each month before being sent abroad.

"Our financial policy requires updating." "Firaq stated that this does not imply altering laws in a manner that endangers investors, but instead involves evolving and transitioning to an economy with a unified currency."

He also indicated that the significant amount of daily cash withdrawals from bank ATMs cannot be exclusively linked to the requirements of Maldivians, implying that there are several avenues through which money exits the formal economy.

Firaq noted that the matter of foreigners running businesses unlawfully was a domain where Maldivians had surrendered authority. He emphasized the importance of placing these transactions within a well-defined regulatory framework to guarantee that capital stays in the domestic economy and keeps flowing through regulated pathways.

In closing his statements, Firaq remarked that the nation’s legal system has not kept up with the growth of the Maldivian economy. He stressed that a complete revision of the current monetary policy, in accordance with contemporary economic conditions, is now a critical requirement.