President relaxes exchange rate crackdown

The government has relaxed a blackmarket crackdown on the illegal exchange of dollars into rufiya, announcing today that the currency could be traded at a rate within 20 percent of the pegged 12.85 to the dollar.

The announcement effectively defangs the police crackdown by allowing trade of the rufiya up to Rf15.42, at a time when the supply of dollars sits below demand and banks are refusing to exchange the local currency.

Haveeru reported that President Nasheed had sent a letter to MMA Governor Fazeel Najeeb requesting he announce the new exchange rate. The government has criticised Najeeb for not addressing the dollar shortage and for lack of response to requests for advice and assistance, and has requested the MDP parliamentary group to press for his dismissal.


6 thoughts on “President relaxes exchange rate crackdown”

  1. Hey.

    Anni u must announce US$ exchage rate at Rf.10. U have promised that u will bring down the rate to Rf.10.

    U understand and remember what u telling to the public ? Are u mad or half sleep ?

    U have promised that also NEVER UP the price of Market goods & services. and all will be under "Aifora fashu".

  2. your giving wrong guidance and making the people fool. when the dectator was there we have no issues on US$ and market price, but after u came all change upside down. always showing dreams to public. and never fullfill your promises.

    U must re-sign and leave the president office. your realy DECTATOR.

    A man never pray for alah will never love to anybody.

  3. well in order for MMA Governor Fazeel Najeeb to announce that we will need to see him first right, all i am hearing is that he is abroad studying. Why isnt he in maldives doing his bloody job, and why cant he be fired if he isnt even here to do his bloody job!

  4. Market rates will be set in general by the IMF and upheld by the local authority. The general principle of market worth is set by the economy and strength of the local currency, not a promise or Presidential decree. We have to end our local lusting for the dollar, this we can do by sending illegal immigrants home and reducing our need on foreign unskilled labour. Drink less coffee, smoke less cigarettes, stop bitching and start working. That way our currency will attract confidence and grow in value.

  5. With no actual industry and consumer demand of local goods the only way for Maldivian economy to grow is by foreign currency inflow, so Nasheed fix that problem.

  6. @Mia, why are some Maldivians just criticing Fazeel najeeb doing studies. Think about other possible things that take up time. What about these people who do their own business? People who just travel around? Who dont turn up to their workplaces. The exchange rate was not made by Fazeel. Even then the blame is to him.


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