News Desk
Maldivians will face no further difficulties when making purchases on foreign e-commerce and online platforms, Minister of Economic Development, Transport and Trade Mohamed Saeed assured today.
Speaking at a press conference held at the President’s Office, Minister Saeed said Bank of Maldives (BML) has successfully managed the strain it faced due to foreign currency shortages. He noted that effective solutions have now been put in place to resolve the issues the public faced when buying from e-commerce websites.
Highlighting the bank’s efforts, the minister stated that BML has provided assurances that previous difficulties will not happen again.
“Bank of Maldives has assured us that the issues faced earlier will not recur,” Saeed said. “They are working very swiftly to process Telegraphic Transfers (TTs) and release foreign exchange to restore the situation back to normal, and things are improving.”
The minister further noted that the primary reason behind the country’s foreign currency crunch was the current administration having to settle $1.4 billion in debt accumulated by previous governments.
Saeed added that a major portion of those loans went into projects with no economic return, leaving the country without adequate revenue to meet its financial obligations and triggering the shortage.
