Dollar issue not in my mandate, says Economy Minister Saeed, pointing to MMA

Economy Minister Mohamed Saeed told Parliament today that by law, resolving the dollar issue is not delegated to his ministry, but to the Maldives Monetary Authority (MMA). Saeed made the remarks while responding to a no-confidence motion filed by the opposition Maldivian Democratic Party (MDP) seeking his removal from office. The motion, submitted and signed by 13 members of the MDP Parliamentary Group, raised concerns about the dollar issue, noting that dollars are not available at the official rate and that its price has skyrocketed in the black market. The motion also claimed that Saeed, within the mandate of the Economy Minister, has not practically implemented any policy required for economic reforms up to today. Speaking for about an hour, Saeed referenced Article 24 (h) of the Maldives Monetary Authority Act 1981, which states that the MMA shall determine and implement the exchange rate system and policy. He said the MDP should direct their question to the MMA, where responsibility lies by law. Saeed also said that compared to the previous MDP government, the number of dollars distributed at the bank rate in this government has increased by 80%. He stated that in the government of former President Ibrahim Mohamed Solih, 1.75 billion dollars were distributed from 2021 to November 2023, while in the current government of President Mohamed Muizzu, 1.9 billion dollars have been distributed over the past three years. He noted this includes dollars for businesses, Hajj/Umrah, students abroad, health purposes, and Maldivians traveling abroad. He also highlighted a measure making tourism businesses mandatory to sell 40% of their revenue in dollars, praising President Muizzu and describing the MDP's argument as a "nonsense argument."