USD shortage causing distress among Maldivians: MP Nazil
Criticizing the government's economic policies, Hithadhoo South MP Ibrahim Nazil stated that the scarcity of dollars and euros in banks is causing significant hardship for both the general public and businesses. He highlighted that the Maldives Monetary Authority’s new regulations have hindered resort employees from receiving salaries and service charges in dollars, further reducing foreign currency circulation in the market. Additionally, Nazil accused the government of wasteful spending on initiatives such as the Development Bank and bunkering services during a period of severe economic downturn.
Ibrahim Nazil, the Member of Parliament for the South Hithadhoo constituency, delivers a speech during a sitting of the People's Majlis. | Majilis
Ibrahim Nazil, the Member of Parliament for South Hithadhoo and Leader of the MDP Parliamentary Group, has stated that any citizen currently attempting to obtain US dollars in the Maldives is bound to face psychological distress.
Speaking on RaajjeTV's "Fala Surukhee" program, MP Nazil heavily criticized the government's economic policies, noting that President Muizzu's administration has driven the nation's economy into a deep pit.
MP Nazil stated that the country is facing a severe dollar shortage, noting that the struggle to obtain foreign currency is taking a psychological toll on the public. He further highlighted that even those traveling abroad for medical treatment face immense difficulties, often forced to acquire dollars at exorbitant rates.
Citing local business owners, MP Nazil stated that banks are currently unable to provide Euros, U.S. Dollars, or any other foreign currencies. He further noted that according to these businesses, foreign exchange—specifically Euros and Dollars—was previously readily accessible through the banking system.
Any Maldivian currently seeking US dollars would be driven to the brink of a mental breakdown. As departure dates loom and travel plans are finalized, the sheer unavailability of foreign currency creates an agonizing situation. Without securing dollars first, there is simply no way for these individuals to access the medical treatment they need abroad.Ibrahim Nazil, Member of Parliament for the South Hithadhoo constituency and Leader of the MDP Parliamentary Group.
Referring to the current administration's policies, MP Nazil stated that the mandatory requirement for resorts to exchange dollars with the Maldives Monetary Authority (MMA) has resulted in resort employees no longer receiving their pay in dollars, with service charges now being distributed in Maldivian Rufiyaa. He further noted that while private companies and individuals performing work at resorts continue to invoice in dollars, these payments are now being settled exclusively in Maldivian Rufiyaa.
MP Nazil stated that as a result, the circulation of dollars within the local economy has come to a standstill, with the general public bearing the brunt of the consequences.
Furthermore, MP Nazil stated that while a viable solution to the dollar crisis remains elusive, the government has incurred unnecessary expenditures by establishing a development bank. MP Nazil also noted that the acquisition of two vessels to introduce bunkering services constitutes further wasteful spending.
MP Nazil stated that such actions by the government are causing significant damage to the Maldives' economy.
