Economic Minister Mohamed Saeed has said that the Bank of Maldives (BML) decided to discontinue dollar support for foreign transactions against a direct order by the President.

Replying to a question from a journalist at a press conference held at the President's Office today, Saeed said the President had asked BML not to limit the dollar transaction limits in the interest of many students and many people who do online business by importing goods from abroad.

“BML acted today despite the President directly ordering them not to do so,” he said.

Speaking in detail, Finance Minister Dr Mohamed Shafeeq stated that while the global economy has changed following the Covid-19 Pandemic, many shifts have also come to the lifestyles of the people.

He said that Maldives' dependence on the dollar has increased significantly and this is causing a large amount of dollars to leave the country.

"BML needs support. We are talking to the central bank about what kind of support we can provide. What the solutions are. We will facilitate everything that can be done. We have to consult with the central bank," Shafeeq said.

He said the Cabinet has discussed ways to increase the dollar income of the Maldives as soon as possible.

Speaking at today's press conference, Attorney General Ahmed Usham said the decision was taken after the government and the MMA assured the bank that they would work together to find a solution to the difficulties faced by the bank.