Minister of Tourism and Environment Thoriq Ibrahim has revealed that the US dollar's value in the black market is falling as a result of government measures.
During the 'Ahaa Forum' held on Saturday night, Thoriq responded to a public inquiry about the government's initiatives to eliminate the black market for dollars and the anticipated timeline for visible results.
He noted that the economy is benefiting from a regulation that mandates tourism establishments to allocate a portion of their earnings in dollars. Additionally, starting in September, government-owned companies will gain access to dollars at the official exchange rate.
Thoriq also pointed out the government's decision to provide an extra USD 1,500 for Maldivian pilgrims traveling for Umrah during the upcoming Ramadan, which he called a positive result of the regulations imposed on resorts.
The minister stated that these initiatives are directly contributing to the depreciation of the dollar in the black market. He added that enforcing dollar transactions at all tourism establishments, as required by law, will further bolster the economy.
President Dr. Mohamed Muizzu has also announced that travelers going abroad will see an increase in their official dollar allocation, with the current limit of USD 500 expected to rise to USD 1,000 in the first quarter of 2026.