President Dr. Mohamed Muizzu has stated that reducing the financial system’s reliance on foreign currency and transitioning to a system exclusively transacting in Maldivian Rufiyaa is a multi-phased initiative that requires the cooperation of all relevant institutions. He noted that this transition is expected to take approximately 10 years. The President highlighted that since the current system is intricately linked to investments and loans, any such change must involve a detailed evaluation of dollar-denominated transactions. He further observed that, unlike many other nations, the Maldives currently operates with minimal controls over foreign currency transactions.
