Economic Minister Mohamed Saeed told the People’s Majlis that the current administration has issued USD 1.9 billion at the official exchange rate, an 80 percent increase compared with the previous government’s figure of USD 1.75 billion over a similar period.
Responding to a no-confidence motion filed by opposition MPs, Saeed said the Maldives Monetary Authority remains legally responsible for exchange-rate policy but that the statistics demonstrate improved access to foreign currency through official channels. He cited disbursements of USD 483.53 million in 2024, USD 733.82 million in 2025 and USD 718.53 million so far in 2026.
The funds have been allocated for business telegraphic transfers, overseas education, medical treatment and travel. Saeed attributed the rise to measures requiring resorts to convert a larger share of their foreign-currency revenue through domestic banks, a requirement that was raised from 20 percent to 40 percent.
Opposition members had pointed to parallel-market rates above MVR 21 as evidence of ongoing shortages. Saeed rejected claims that the dollar situation has worsened, saying the official-channel volumes show the opposite. Parliament later rejected the no-confidence motion by a wide margin.
Saeed also noted that the government has continued efforts to increase state foreign-exchange inflows despite global disruptions.
