The dollar crisis in Maldives will be resolved within the next few months, Economic Minister Mohammed Saeed has said.

Small businesses have been facing the brunt of the unregulated dollar trade market for a while. As such, even though the official bank rate to sell USD stood at MVR 15.42 today, the selling rate is always above MVR 18 for the public and businesses.

The Minister noted that this has created a very 'active' black market in the Maldives.

Speaking to reporters in Dubai ahead of an investment forum at the Burj Al Arab this evening, Saeed said the biggest challenge facing the dollar issue is that the previous government had emptied the dollars deposited in the Sovereign Development Fund.

He also noted that debt was being taken for major economic projects such as the Velana International Airport but these projects have not been completed.

"There are dollars in the market. But the dollars, business, and consumer confidence are all intertwined. So the issue now is that there is a black market and businesses are deliberately tied to the black market. The situation will be overcome and resolved within three to four months," Saeed explained.