The regulatory reforms required to address foreign exchange challenges should have been introduced 40 years ago, and their full implementation will bring down the US dollar exchange rate, Maldives Monetary Authority (MMA) Governor Ahmed Munawar has stated.

Speaking at a joint press conference held at the President’s Office today regarding foreign exchange issues, Governor Munawar stated that when the legislative amendments were submitted, provisions were included to offer relief to businesses facing constraints, assuring that these allowances will be granted upon the bill's passage.

The Governor noted that current policy measures aim to bolster demand for the Maldivian Rufiyaa over the next decade.

"The truth is, this change should have been made 40 years ago. The failure to enact these reforms earlier is precisely why we are facing these challenges today," the Governor said.

Munawar explained that the changes will be introduced as structured policy packages, implemented in coordination with parliament and opposition parties.

He emphasized that the transition will not occur overnight but will be phased in gradually across multiple stages, noting that the goals can be achieved through collective cooperation.

The Governor concluded that once US dollar inflows entering the domestic economy are converted into Rufiyaa and circulated within the formal banking system, the dollar rate will decrease, reiterating that this is achievable once all reforms are fully executed.