Economic Minister Mohamed Saeed told Parliament that the current administration has issued roughly 80 percent more US dollars at the official exchange rate than the previous government over a comparable period.
Responding to a no-confidence motion brought by 13 Maldivian Democratic Party MPs, Saeed said USD 1.9 billion had been released at the official rate since the present government took office. He compared this with USD 1.75 billion disbursed between 2021 and mid-November 2023 under the prior administration.
He provided annual breakdowns: USD 483.53 million in 2024, USD 733.82 million allocated in 2025 for business, student and medical needs, and USD 718.53 million released so far in 2026. Saeed noted that the Maldives Monetary Authority is responsible for setting foreign-exchange policy under the law, but said he was addressing the figures raised in the motion.
The minister said the Bank of Maldives channels official-rate dollars for telegraphic transfers, education, healthcare, travel and e-commerce. He argued that the data showed greater availability at the official rate under the current government.
Opposition members have raised concerns about black-market rates remaining elevated. Saeed has previously attributed parallel-market pressures to earlier policy decisions and money-printing practices, while pointing to enforcement actions against unlicensed trading. The official peg remains MVR 15.42 to the dollar.
The no-confidence motion was debated in the Majlis session; the outcome of the vote was not detailed in initial reports.
