As Saeed points to past administrations, Nasheed says the dollar cannot fall without cutting spending and restructuring debt

The dollar is not falling because spending has not been reduced in the absence of a proper debt restructuring program, former President Mohamed Nasheed has said.

Economic Minister Mohamed Saeed on Tuesday said questions regarding the continued high exchange rate of the US dollar should be directed to former presidents Mohamed Nasheed and Ibrahim Mohamed Solih.

Saeed said the central policy of President Dr. Mohamed Muizzu’s administration is to break the country’s debt cycle and build a credible and resilient economy. He argued that the previous administration under former president Solih had failed to achieve this objective and alleged that its policies had left the country in severe financial difficulty.

Dollaruge agu dhah nuvanee rangalhu debt restructuring (dharani alun ekulevumuge) program eh nethumaai, e kan mahchah dollaru kharadhu kuraa minvaru dhahnuvaathee.

— Mohamed Nasheed (@MohamedNasheed) June 30, 2026

Nasheed posted on X on Tuesday evening that the dollar is not depreciating because there is no proper debt restructuring program and dollar spending has not declined.

This government came to power with a promise to solve the dollar problem and end the black market. However, the government has not solved the dollar problem even after two years.

In addition, inflation is rising and commodity prices have fallen to the bottom.