Saeed: MDP sprouting lies, banks have disbursed way more USD during current administration

Economic Minister Mohamed Saeed revealed on Thursday night that the volume of US dollars disbursed to the public through the banking system under President Dr. Mohamed Muizzu’s administration is significantly higher than that recorded during the previous administration.

Presenting comparative statistics, the Minister argued that claims made by the opposition Maldivian Democratic Party (MDP) regarding a shortage of US dollars do not align with the available figures.

According to the data, at the official exchange rate of MVR 15.42, the average monthly dollar disbursement through the banking system stood at USD 21.1 million in 2021. This increased to USD 31.6 million in 2022 before reaching a monthly average of USD 36.9 million in 2023, the final year of the MDP administration.

Under the current PNC-led administration, the monthly average increased to USD 40.5 million in 2024 and rose sharply to USD 61.2 million in 2025. Between January and July of this year, the average monthly disbursement through the banking system reached USD 81.2 million, representing a substantial 120 percent increase compared to 2023.

ހިސާބު ޢަދަދުތައް ދައްކަނީ މިކަމުގައިވެސް އެމްޑީޕީގެ އަޑާއި މަންޒަރު ދިމާނުވާކަން.

މިދެންނެވީ، ރަސްމީ ރޭޓު (15.42ގެ ރޭޓުން)، 2 ސަރުކާރު އަޅާކިޔާލާއިރު، ބޭންކު މެދުވެރިކޮށް ޔޫއެސްޑޮލަރު ދޫކުރެވުނު ނިސްބަތް އަދި ޢަދަދުތައް މާބޮޑަށްވެސް ރައީސް ޑރ. މުޢިއްޒުގެ ސަރުކާރުން (މީގެ… pic.twitter.com/FbPpCylX7a

— Mohamed Saeed (@em_saeed) August 13, 2026

The figures indicate that the volume of foreign currency injected into the market through official channels has more than doubled.

Minister Saeed emphasized that the increase was achieved while the government was simultaneously managing the substantial debt inherited from the previous administration. He stated that the government has repaid USD 1.2 billion in debt in an effort to prevent national bankruptcy.

In April alone, the government met debt obligations totaling USD 924 million, including a USD 500 million Sukuk and a USD 400 million currency swap with India.

The Minister further highlighted that despite these significant debt repayments, the current administration has increased the availability of US dollars for business Telegraphic Transfers (TTs), medical expenses, tuition fees for students studying abroad, as well as for Hajj and Umrah pilgrims and general travelers.

He added that President Muizzu remains committed to steering the country away from the economic difficulties caused by the policies of the previous administration.

The government released the statistics following an MDP-organized protest held in Malé last night, during which concerns were raised over inflation and the increasing exchange rate in the black market. The protest, led by former President Mohamed Nasheed, saw the opposition