Economic Minister Mohamed Saeed told the People’s Majlis that the Maldives Monetary Authority is responsible for determining foreign-exchange rate policy, even as he presented statistics showing increased official-channel dollar disbursements.
During the debate on a no-confidence motion against him, Saeed acknowledged public concern over parallel-market rates but said the legal authority for rate policy rests with the MMA. He nevertheless argued that the government has improved access to foreign currency by requiring tourism businesses to convert a larger percentage of their earnings through domestic banks.
Opposition MPs had accused the administration of failing to address dollar shortages that have pushed unofficial rates well above the official peg of MVR 15.42. Saeed rejected the characterisation, pointing to the volume of dollars released at the bank rate for businesses, students and medical travellers.
The motion was ultimately rejected. The exchange highlighted the division of responsibilities between the executive and the central bank on foreign-exchange matters and the continuing political sensitivity of the dollar issue.
