The dollar rate has started to depreciate after the cessation of printing local currency, President Dr. Mohamed Muizzu has said.
Speaking to the residents of Dhaalu Meedhoo on Tuesday, President Dr. Muizzu said the external debt stood at MVR 120 billion when he took over the government. In addition, another MVR 9 billion is owed to various companies in the Maldives. He underscored the government's commitment to repaying these debts without resorting to currency printing.
“We are paying off the debt owed to the people and paying off various foreign loans -- we are doing it without printing more money,” he said.
President Dr. Muizzu said the country would go bankrupt if it did not stop printing money.
“The value of our Maldivian Rufiyaa would continue to plummet to an irrecoverable extent and the dollar rate will rise above MVR 20,” he said.
While acknowledging the difficulty in ceasing currency printing, President Dr. Muizzu expressed optimism about the positive outcomes. He affirmed that the decision is already yielding favorable results
"God willing, the good results are being seen. Our currency, the rufiya, will maintain its value, and hopefully, the dollar will depreciate and the economy will improve. Now we are seeing the effect," Dr. Muizzu said.
