Dollar rate will be stabilized within 3 months- Finance Minister
 

Minister of Finance, Ahmed Inaz has said that the media’s portrayal regarding the government’s decision to set the US Dollar exchange rate within a band of fluctuation of 20 percent around the current fixed exchange rate of Rf12.85 per US Dollar peg, is incorrect and that the true picture will be seen within three months.

Minister Inaz said that the US Dollar exchange rate will be stabilized within three months time because of this bold step by the government to adopt a new exchange rate.

Speaking to press, the newly appointed Minister of Finance said that this sudden step by the government was not taken without the consultation of the concerned agencies. He said that the government took the step only after consulting International Monetary Fund (IMF) and Maldives Monetary Authority (MMA).

President Mohamed Nasheed on Sunday declared the exchange rate of Rufiyaa, Maldivian currency, within a band of fluctuation of 20 percent around the current fixed exchange rate of Rf12.85 per US Dollar peg.

In a letter to Governor of the Maldives Monetary Authority (MMA) Fazeel Najeeb, the President said that the decision was made, as stipulated by Article 13 of MMA Act, in consultation with the Board of Directors of MMA.

In his letter, the President also asked the Governor to publish, as required by the Article 13 of the MMA Act, the new external value of currency as no less than 20 percent below or no higher than 20 percent above the current exchange rate of Rf12.85 per US Dollar.