The government introduced regulations requiring tourist resorts to exchange US dollars to protect the interests of Maldivian businesses and citizens, Vice President Hussain Mohamed Latheef has stated.

The Vice President made the remarks on an MMTV program tonight following the People’s Majlis passing an amendment to the Foreign Exchange Act last Wednesday, mandating resorts to convert 40 percent of their US dollar revenue.

According to the Vice President, the primary objective of this decision is to bring an end to the dollar shortage and the lack of US dollar circulation in the national economy. He highlighted that this was a sound, visionary measure taken by President Dr. Mohamed Muizzu to facilitate beneficial outcomes for the public through the institutional system.

The Vice President stated that while past administrations were fully aware of this issue, they hesitated and lacked the resolve to implement practical measures. However, at the request of the PNC Parliamentary Group, the President made this decision with the objective of safeguarding national independence and sovereignty for future generations. He also warned that because this change may reduce advantages previously enjoyed by certain entities, those parties may attempt to mislead the public.

Criticizing the previous administration's economic policies, the Vice President noted that during MDP’s tenure, the law was suspended and money was printed indiscriminately, turning a deaf ear to pleas from citizens and businesses. He recalled that during the COVID-19 pandemic, the then-opposition as well as the individual currently serving as Speaker of Parliament had actively protested against money printing. Consequently, he stated that the country faced the brink of bankruptcy, necessitating the mortgaging of schools and hospitals.

Furthermore, noting the fraying of the nation’s social fabric and the deterioration of family bonds, he stated that the President is working to restore order. The Vice President described the President as an exemplary leader who avoids crude language and personal attacks against political opponents, adding that the current administration remains focused on clearing state debts without burdening citizens and actively rebuilding the country.