Govt sold US$1.9bn at official rate in three years, 80% more than previous admin: Minister

Economy Minister Mohamed Saeed has stated that the current administration under President Dr. Mohamed Muizzu has sold an additional 1.9 billion dollars at the official exchange rate—80 percent more than the previous government—over the past three years. He made the remarks while responding to issues raised by opposition Maldivian Democratic Party (MDP) members in their no-confidence motion presented to the People's Majlis. Saeed explained that the law mandates the Maldives Monetary Authority (MMA) to determine exchange rate policies for foreign currency. He provided detailed figures showing the amount of dollars sold by the previous government over its three-year term and by the current government up to this point. According to the minister, during the presidency of former President Ibrahim Mohamed Solih, from 2021 until November 17, 2023, 1.75 billion dollars were sold at the official rate. In contrast, during President Dr. Mohamed Muizzu's presidency, approximately 1.9 billion dollars have been sold at the official rate within the past three years. He stated that in 2024, 483.53 million US dollars were sold at the official rate of 15.42 for businesses, students studying abroad, and individuals traveling for medical treatment; in 2025, 733.82 million were sold; and so far in 2026, 718.53 million dollars have been sold. The previous government had sold dollars for these sectors in the amount of 253.8 million in 2021, 379.2 million in 2022, and 442.56 million until November 17, 2023. Therefore, the minister stated that the amount of dollars sold per month in the past three years is approximately 97 percent higher than the amount sold by the previous government in its last three years. He also dismissed the accusation that the dollar shortage has increased as false, attributing the increase to measures taken by the current government, such as requiring businesses that earn income in dollars to sell a certain amount.