Will lower Dollar rate to 12 Rufiyaa: Gasim

Jumhoory Party leader and the party's presidential candidate Gasim Ibrahim has said that he will bring down the exchange rate to MVR 12 per USD within the first 3 years of his presidency.

Gasim made his statements at a Jumhoory Party campaign function held in Faafu Nilandhoo last night.

Gasim said that his future government will not accept the current exchange rate of MVR 15.42 and that his intention is to lower the exchange rate as must as possible. He said that the rates will be reduced to MVR 12.85 or MVR 12, soon after he assumes presidency.

“We will be able to lower it [dollar rate] within a period of two to three years. That is to 12.85 rufiyaa or about 12 rufiyaa,” Gasim said.

He added that the government is currently withdrawing large sums of money from the banks in order to lower the state debt and said that this does not leave any money in the banks for the development of tourist resorts and guest houses.

He said that these issues have to solved in order for the country to gain sustainable development and said that he will reveal his balanced policies at a future date.

Gasim said that the State’s current foreign debt stands at MVR 28 billion and that additional amounts in excess of MVR 1 billion of financing has to be sought in order to repay these debts.

He said that the government had sold treasury bills worth MVR 100 million and that it is something that should have never happened. He said that a lot of effort has to made to solve these issues.

In addition to the people of Faafu Nilandhoo, Gasim also met with the Island Council and Atoll Council during his visit.