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MP Ahmed Azam Marzouq – Photo: Parliament
Hithadu Central MP Ahmed Azan Marzoog said the Bank of Maldives (BML) had made changes to US dollar transactions and the government would not have done so if there was any other option.
Azan said in a post on X that BML temporarily suspended dollar transactions because the bank does not receive dollars and cannot give dollars that it has not received.
“A lot of people would face this difficulty. But the fact is that the government, which is a major shareholder in the bank, would not do this if there was an alternative,” Azam explained.
Azan said the central bank bought dollars from the central bank to repay foreign debt and buy oil for Sri Lanka.
Azan pointed out that August and September were two months of record external debt repayments, which he said was one of the reasons for the stagnation of the dollar. Azan said that with limited dollar reserves, the priority was to repay debts and oil. In addition, banks also issued dollars to businesses for importing other basic items needed in Sri Lanka, he said.
Azan said the dollar should be used for the most important things. He said dollar reserves will start to improve from November this year and the suspension of dollar trading is expected to end.
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