President Muizzu says real estate projects will help resolve dollar issue

President Dr. Mohamed Muizzu stated today that government reserves can be increased through real estate projects and similar initiatives, which will provide progress in resolving the dollar issue. The government has submitted a bill to the People’s Majlis today to enact a special law for real estate, establishing specific procedures for conducting real estate projects in the country. At a press conference held at the Presidential Office, the President elaborated on the bill and said work is being carried out at various stages to resolve the dollar issue. President Muizzu revealed that progress would be made through efforts stemming from international investor-led real estate projects and other such initiatives, leading to relief in the black market and visible results. The government has also decided to take strict measures to control the black market for dollars, including prohibiting the advertisement or promotion of buying and selling foreign currency at prices higher than the rate set by the Maldives Monetary Authority. The MMA is currently taking action against individuals and businesses violating this law and has introduced a digital platform for recording foreign currency trading transactions.