MMA Governor Dr. Azeema Adam has said that maintaining the value of Maldivian currency is a necessity in order to reinforce the economic status in the country.
She mentioned that as the country is being dependent on foreign currency, a drop in the value on Maldivian currency could cause repercussions on all economic aspects of the country.
The Governor added that the repercussions can directly affect businesses and means of living. She said that MMA is working on ways to counteract the situation.
As such, it is currently in the process of establishing the necessary Monetary Policy Guideline, on reinforcing the Foreign Exchange Market's Regulatory Framework.
She also said that sustaining Maldivian currency cannot be made possible unless government expenses are reduced, as well as putting a halt to printing of Rufiyaas.
She noted that rise in inflation and government debts are the possible outcomes due to the increase in state budget debts, and that it will also lead to numerous obstacles in financing the rising debts.
The MMA governor further added that Private Sectors play a vital role in improving the country's economy, and that they have to be helped in order to turn them into economical assets for progress.
MMA itself is also working on high-priority measures to restore the country's economic state, as they are also cooperating with related sources to come up with positive solutions.