Economic Minister Mohamed Saeed told the People’s Majlis that the central bank, not his ministry, is responsible for the exchange rate.
Speaking during debate on a no-confidence motion filed by the opposition Maldivian Democratic Party, Saeed said questions about the black-market dollar rate should be directed to the Maldives Monetary Authority. The motion was later rejected by parliament.
He said the Bank of Maldives has sold nearly USD 1.9 billion to the public at the official rate under the current administration, a figure he described as almost double the monthly average under the previous government. He credited rules requiring resorts to exchange a larger share of their foreign-currency earnings — raised from 20 per cent to 40 per cent — for the increase in dollars entering the formal system.
Saeed also noted that 313 foreign investments have been registered since November 2023. He rejected claims that the government has reduced the supply of dollars at the official rate of MVR 15.42.
The black-market rate has remained well above the official peg for months, with reports of dollars trading above MVR 20. The opposition has cited the gap as evidence of hardship for importers and households.
The no-confidence motion, submitted in August, also referenced Saeed’s earlier campaign pledge to bring the dollar rate below the official peg if the ruling party secured a parliamentary majority.