MDP Chairperson and former President Mohamed Nasheed has stated that the changes introduced by the government to laws and regulations, aimed at halting the dollar black market and lowering exchange rates, have brought no relief whatsoever to the foreign currency shortage.

Noting that the dollar issue remains unresolved, President Nasheed stated in a social media post today that the exchange rate for dollars continues to rise. He also highlighted that private businesses are unable to process TTs (Telegraphic Transfers), hindering their ability to import goods.

"The government expected that by the end of September, compelling the conversion of 40 percent and requiring foreign tour operators to pay GST would generate 160 million dollars. None of this happened," Nasheed said, adding that citizens are facing increasing hardships instead.

While Nasheed made these remarks, the government has recently enacted key amendments to public finance laws, as well as foreign exchange and tax legislation, to improve the country's foreign currency situation and stabilize the financial system.