President Dr. Mohamed Muizzu has stated that as major projects begin in the Maldives, the dollar will prosper and the scarcity of dollars will resolve.

In the "Raeesge Javaab" program by the President's Office, the President answered a question about the date of installation of a dollar ATM in Maaufshi and when the dollar scarcity will be resolved. In his response, the President noted that the issue will be resolved once the economic reforms are in place.

"When big projects start, when investments start increasing, the dollar will prosper and hopefully it will be easier to get dollars," he said.

The dollar is now trading above MVR 18 in the black market even though the official rate of the dollar is MVR 15.42.

The President said it was very important to have a dollar ATM in Maafushi and he would work hard to make it a reality by talking to the Bank of Maldives within this year.

Maafushi is the most extensive local tourism island in the Maldives.

The Economic Minister Mohamed Saeed had previously said that the dollar problem would be resolved within the next few months. Saeed said the biggest challenge facing the dollar issue is that the previous government had emptied the dollars deposited in the Sovereign Development Fund to pay off foreign loans.