Finance’s order to acceptRuffiya as legal tender will be implemented when the board decides- MIRA

Maldives Inland Revenue Authority (MIRA) has said that the policy enacted by the Ministry of Finance and Treasury upon the authority to only accept Maldivian Ruffiya as a legal tender of all state transactions will only be implemented after holding a board meeting of the directors of the authority.

MIRA said that although the Ministry of Finance ordered the authority to only accept Ruffiya for state related transactions there exists payments that necessitate the acceptance of US Dollars. The authority said that because of they will have to finalise some arrangements.

Meanwhile, in a meeting of the Cabinet recently the Members decided on a payment policy in which all local currency payments will be made in Rufiyaa.

Members highlighted the importance of expediting measures to ease the difficulties arising as a result of the prolonged shortage of US Dollar in the market.

After discussing the matter, Members agreed that this policy would strengthen the value of the Maldivian Rufiyaa, and offer perspectives toward fiscal sustainability. The policy is to be implemented following clarification of administrative and legal issues.