Economic Minister Mohamed Saeed defended the government's handling of foreign currency during a parliamentary debate on a no-confidence motion.
He said approximately USD 1.94 billion had been released through official banking channels at the pegged rate of MVR 15.42 since the administration took office. Figures presented included USD 483.53 million in 2024, USD 733.82 million in 2025 and USD 718.53 million so far in 2026.
Saeed rejected opposition claims of economic mismanagement. He noted that the Maldives Monetary Authority holds statutory authority over exchange-rate policy.
The motion, filed by 13 MDP members in August, alleged failure to control the parallel-market dollar rate, obstruction of parliamentary accountability and other shortcomings. It was rejected by 54 votes to 10.
Unofficial rates have remained well above the official rate, contributing to higher prices for imported goods.
