Nasheed: Foreign currency shortage has reduced revenue of shops, contributing to low stocks

Former president Mohamed Nasheed states the ongoing foreign currency shortage is contributing to a significant decline in revenues generated by local shops and reducing the availability of goods on shelves across the Maldives.

In a video shared on social media, Nasheed said that the public is increasingly concerned about shortages of goods in the market, as well as the limited availability of essential medicines, including insulin.

“Retail sales in shops are significantly down, and the stock on store shelves continues to dwindle,” Nasheed stated.

He also referred to remarks previously made by President Dr. Mohamed Muizzu regarding one of three Treasury Bills valued at USD 50 million, borrowed from the State Bank of India (SBI) during the administration of former President Ibrahim Mohamed Solih, which is scheduled for repayment on September 17^th.

Fihaara thakuge haruthakugai thakeythi madhu vehje. Beys neythunuge shakuvaa varah bodu. pic.twitter.com/ANt79RZ7c8

— Mohamed Nasheed (@MohamedNasheed) May 11, 2026

Nasheed argued that, amid an already severe shortage of foreign currency, the government lacks a clear strategy to repay the USD 50 million Treasury Bill while also ensuring the import of essential goods and commodities and meeting the country’s broader debt obligations.

He underscored that institutions, including the World Bank and the International Monetary Fund (IMF) have determined that the Maldives’ debt situation is unsustainable.

“I repeatedly urge the government — it is imperative that you come to the table and engage in dialogue with the Maldivian Democratic Party, MDP, to find a viable path forward,” Nasheed said, reiterating his call for consultations between the government and main opposition party.

Responding to Nasheed’s remarks during a press conference held on Monday, President Muizzu expressed disappointment over what he described as attempts by former leaders to generate public concern and portray the Maldives negatively. He said it was particularly surprising that individuals criticizing the country’s financial situation were simultaneously opposing the current administration’s efforts to repay debts accumulated under previous administration.

The President further stated that the government remains committed to meeting its debt repayment obligations while continuing to pay public sector salaries, secure essential food imports, cover fuel expenses, and provide allowances for Maldivian students studying abroad.