US dollar exchange rate could hit MVR 20 by year’s end, warns JP Leader Gasim Ibrahim
09 Sep 2012, 6:42 PM
Ahmed Nazeer
Local business tycoon, media owner, MP, Jumhoree Party (JP) leader and member of the Judicial Services Commission (JSC), Gasim Ibrahim, has warned that the dollar exchange rate of the Maldivian rufiya may rise to MVR 20 by the end of the year – a 25 percent increase.
Speaking at a press conference on Sunday, Gasim told local media that the main reason for the Maldivian currency to go down was “selling Ibrahim Nasir International Airport to GMR, selling the shares of Dhiraagu, and the Maldives Water and Sewerage Company.’’
Gasim claimed the three companies were now taking US$2 billion dollars out of the country annually.
At the press conference, Gasim – who also operates domestic airline Villa Air, under the FlyMe brand – alleged the former government had not awarded the airport to GMR in a way that would benefit the citizens, and expressed concern over increased fuel prices and landing fees.
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