Vice President Hussain Mohamed Latif has stated that the mandate requiring businesses earning in foreign currency to exchange 40 percent of their income through banks is a robust decision by the government, aimed at safeguarding public interest and enhancing dollar circulation within the economy. He noted that although previous administrations had discussed this measure, they had hesitated to implement it; however, the current administration prioritizes making decisions that directly benefit the citizens. Furthermore, the Vice President attributed the current economic challenges and the dollar shortage to the excessive printing of money during the MDP administration. Despite concerns raised by the Maldives Association of Tourism Industry (MATI) regarding the potential financial strain on resorts due to this policy, the Parliament has now passed the necessary legislative amendments to implement these changes.
