Official Dollar Transactions Surge as State Support for Merchants Expands

The volume of foreign currency transactions conducted at the official exchange rate has increased significantly compared to figures from four years ago, according to the Minister of Economic Development, Transport and Trade, Mohamed Saeed. Presenting comparative data to address concerns over foreign exchange availability, Minister Saeed highlighted a sharp rise in monthly bank card outflows. These transactions have climbed from an average of USD 10 million in 2021 to approximately USD 39 million currently. Import capabilities have seen a similar boost. Monthly telegraphic transfers for importing goods rose from USD 6.7 million to USD 26.6 million. To support local businesses, the state has expanded its financial coverage to meet 30 to 40 percent of merchant needs, a substantial increase from the previous 5 percent. The Minister also detailed a significant expansion in social sector allocations. Monthly outflows for higher education have doubled from USD 1.9 million in 2021 to USD 3.6 million. Even more dramatic is the increase in medical allocations for treatment abroad, which surged from USD 159,000 to USD 3 million per month. Furthermore, funding for outbound travelers has risen from USD 1.5 million to USD 10 million monthly. Minister Saeed maintained that all these disbursements continue to be processed at the official exchange rate, dismissing claims that foreign currency transactions have stalled as contrary to reality. Addressing the political climate, Minister Saeed asserted that criticisms from opposition groups regarding dollar shortages are intended to mobilize citizens for street demonstrations rather than reflect economic truths. He cautioned that misrepresenting financial data and damaging the national economy serves no one's interest.