Malé, Maldives – Finance Minister Ameer has stressed on the importance of a solution to dollarization for an independent fiscal policy.
While speaking at a PSM programme, Minister Ameer said that along with the current steps to be taken by the government, a solution to dollarization would be found as this is a major problem that arises each time the country’s economy is affected. However Minister Ameer has not specified the steps which will be taken by the government.
Further speaking, Minister Ameer noted that each individual would want a dollar in exchange for MVR 15.42 and added that the government is currently working with the Maldives Monetary Authority to find a solution to the problem. In addition to this, he said that the proposal has been presented to and endorsed by the cabinet as well, while emphasizing that all the relevant authorities are currently making efforts to solve the problem of one dollar. He also stressed that the current gaurantee needed was that a dollar could be exchanged for MVR 15.42 and that he was hopeful of this.
Maldives has been a dollarized economy since long before. Foreign authorities are also indicating that this issue must be found a solution to. The only way to achieve an independent fiscal policy is by finding a solution to this. In reality there are many complications to this, due to the extent to which our economy is dollarized.Minister Ameer
Minister said that the government will keep in revealing the details of the steps to be taken regarding the issue. The issue of the dollar black market has become a huge problem for the nation. The prices of goods are also increasing due to this very issue. In addition to this, even though exchange businesses are not regulated in Maldives, it certainly is a huge market which is now controlled by foreign workers who work in the country under various quotas.