USD crisis cannot be resolved without replacing the Economic Minister: Ziyad

The dollar crisis cannot be resolved without replacing the Economic Minister, stated Hussain Ziyad, the Member of Parliament for the Vaikaradhoo constituency.

Debating the proposed amendment to the Foreign Exchange Act, Ziyad stated that although the government has implemented various measures purportedly aimed at resolving the issue, no tangible results have been seen to date.

MP Ziyad stated that this cannot be achieved without replacing the Economic Minister, adding that this is a reality that must be accepted.

The reality we must accept is that when a cat falls into a well and decays, no amount of draining the water will eliminate the stench. The odor will only dissipate once the carcass is removed and the well is thoroughly drained.

Hussain Ziyad

Ziyad stated that while the foreign exchange crisis remains a significant challenge for the Maldivian economy, no amount of legislation aimed at resolving the issue will be effective unless those laws are properly enforced.

The amendment proposed by Holhudhoo MP Abdul Sathar Mohamed seeks to revise the Foreign Exchange Act to establish new standards for the mandatory conversion of foreign currency earnings.

The member stated that the primary objective of introducing this bill is to review the criteria for determining the entities required to deposit and exchange foreign currency earnings under the Foreign Exchange Act. Furthermore, the amendment aims to strengthen the regulations governing the mandatory exchange of foreign currency by Category A establishments.

Furthermore, the bill aims to ease foreign currency exchange requirements for businesses that are 100 percent Maldivian-owned, excluding those operating within the tourism sector and financial institutions.