Economic Minister Mohamed Saeed has said the Maldives Monetary Authority (MMA) is the institution responsible for the rise in black-market dollar rates and related increases in commodity prices.
Responding to a no-confidence motion in the People’s Majlis, Saeed referred to the Maldives Monetary Authority Act 1981. He noted that the law assigns the MMA the task of implementing the exchange-rate system and managing foreign-exchange policy.
Saeed said questions about the dollar rate should be directed to the central bank rather than the ministry. The motion, submitted by opposition members, criticised the government’s handling of the black-market rate and rising living costs.
Opposition lawmakers have pointed to earlier statements by Saeed that a parliamentary majority for the ruling party would bring the dollar below the official peg of MVR 15.42. Black-market rates have remained well above that level.
The exchange-rate issue has been a recurring point of debate in Parliament and public discussion.
