If businesses are based in Ruffiya it will strengthen the currency- Finance Minister
Dollar price will come down to MRf 10.00

Minister of Finance Ahmed Inaz has said that if all businesses in the country are based on local currency it will strengthen Maldivian Ruffiya.

Speaking at the press conference held at President’s Office yesterday, Minister Inaz said that if services of the country are to be paid in local currency it will raise the exchange rate of the currency.

“The trade might be based on US Dollars. However, it is that the payment is done in local currency to that of the foreign currency. No industry will be exempt from this. This will increase the demand for the local currency,” Minister Inaz said.

Minister Inaz said that if the local currency is strengthening and becoming more valuable then the exchange rate number decreases. He said that the local currency of Maldives is depreciating because of the great demand for foreign currency which increases the exchange rate.

Minister Inaz said that the Government has been contemplating on the dollar crisis for a considerable length of time due to the unavailability of dollars at the official exchange rate.

“Our target is MRF 10. The price of US dollar will come down to MRf 10,” he said confidently.

Meanwhile, Minister Inaz said this while there are growing concerns and worries among the population over the escalating price of commodities and services. Protests and demonstrations are being staged continuously every night in the capital Male’ to voice the numerous implications arising from the current dollar shortage resulting in high inflation.

However the Government sources say, the negative publicity is spread by opposition sources, and the larger population understands and bear the difficulties recognizing the dire need for such a move.