Minister Saeed says current government sold $1.94 billion at official rate through BML

Economic Minister Muhammad Saeed has stated that President Dr. Mohamed Muizzu's government has sold $1.942 billion (1,942.45 million) US dollars through the Bank of Maldives (BML) at the official rate of 15.42 rufiyaa. Speaking during a session of the People's Majlis, Minister Saeed said this represents a significant increase compared to the previous government. He detailed that over the three-year period of this government, the amount of dollars sold for essential purposes such as VAT services, bank cards, e-commerce, education, healthcare, travel, Hajj, and Umrah has increased by approximately 80 percent or nearly doubled on average. The statistics revealed by the minister show: $486.53 million in 2024, $733.82 million in 2025, and $718.53 million so far in 2026. In contrast, during the three-year rule of former President Ibrahim Mohamed Solih, a total of $1,075 million was sold through BML at the official rate, with $253.38 million in 2021, $379.2 million in 2022, and $442.56 million up to November 17, 2023. Minister Saeed attributed the increase to strong policies implemented by the current government to retain incoming foreign exchange within the country, including increasing the proportion of foreign exchange earned from tourism that must be repatriated. He dismissed allegations that the government does not sell dollars as contrary to reality, noting that despite the country's indebtedness and fragile economic situation, the number of dollars available to citizens and businesses at the official rate through banks has significantly increased.