President Dr. Mohamed Muizzu has stated that the measures currently being taken by the government to address the foreign currency shortage will yield positive results.

Speaking on the “NationChat” podcast aired last night on Public Service Media (PSM), the President said work was under way to reshape dollar-related policies in order to grow the economy, and to enforce, under a robust framework, provisions that had previously existed in law but had gone unimplemented.

The President assured that every step taken by the government is a decision grounded in the studies of academic and technical experts, and that the government will not take any action that would hinder the expansion of the economy. He added that although the measures had drawn political criticism, the overall outcome would be positive.

Notably, in a bid to ease the dollar shortage, the People’s Majlis recently passed legislation requiring resorts to exchange 40 percent of their earnings in dollars. The government has also begun taking action against those selling dollars above the official rate.