President Muizzu Pledges Solution to Foreign Currency Woes for Small Businesses

President Dr. Mohamed Muizzu has said a solution will be found for the difficulties faced by small and medium enterprises in obtaining foreign currency. Speaking in the Raajjeunge Adhu programme last night, the President was responding to concerns raised by a participant who noted that medium enterprises face difficulties in obtaining foreign currency from abroad. The participant noted that PayPal is still not in a form that can be used by businesses, and that even without PayPal there are already some facilities businesses can use. The participant also noted that one of the biggest difficulties faced by small businesses is the tax added to payments, that receiving money takes a very large number of days, and that managing cash flow is often the biggest difficulty. Hearing those remarks, the President said those are very important matters. "All of these things that were said are matters on which, if we intend, we will work to bring a good solution, especially to provide progress for young people and for small and medium enterprises," President Muizzu said. In connection with those concerns, the President said that if the government makes small money-related matters easy, businesses can also be carried forward easily. It is the President's pledge to introduce PayPal to the Maldives to facilitate sending money online with ease, receiving money, as well as managing money for Maldivians. PayPal's service was introduced to the Maldives through Ooredoo's M-Faisaa on 15 June this year. Even with that service, businesses note that the foreign currency problem is major, along with the dollar shortage.