Former president Mohamed Nasheed has criticised the current government’s economic management, saying that policy failures are driving up the black-market exchange rate for the US dollar.
Nasheed said the higher rates are causing severe difficulties for Maldivians studying abroad and for businesses that rely on imported goods and services. He noted that the country avoided a more acute foreign-exchange crisis only because of an Indian currency swap arrangement.
He argued that enforcement measures aimed at the black market have not succeeded in bringing the rate under control. Nasheed has repeatedly called for greater transparency in government spending and a clearer strategy to restore confidence in the formal foreign-exchange market.
The black-market dollar rate has remained well above the official rate for an extended period, reflecting ongoing pressure on the Maldives’ foreign-currency reserves.