Minister: We supplied 80% more dollars than MDP administration

The incumbent People’s National Congress (PNC) administration has supplied 80 percent or USD 1.9 billion more US dollars to the banks in its first three years than the Maldivian Democratic Party (MDP) administration did in its last three, says Economic Minister Mohamed Saeed.

He made the remark at the Parliament on Wednesday as he responded to a no-confidence motion filed against him by the MDP back in August, accusing him of dereliction of duty.

One of the main accusations against him was his alleged failure to resolve the country’s US dollar crunch.

Responding to the allegations, Saeed told the Parliament that it is not he, but the Maldives Monetary Authority (MMA) that is charged with formulating the country’s foreign exchange policies.

But he said he was willing to answer to the allegations, regardless.

Saeed said that USD 1.75 was sold to banks at the official rate between 2021 to the end of former President Ibrahim Mohamed Solih’s administration on November 17, 2023, whereas USD 1.9 billion was sold during the three years of President Dr. Mohamed Muizzu’s administration.

“USD 483.53 million was sold at the official rate of MVR 15.42 in 2024 alone. This marks a 97 percent increase from 2012. And looking at 2025, USD 733.82 million was sold for the aforementioned purposes. Another USD 718.53 million so far in 2026. This administration has supplied total USD 1.9 billion or USD 1,942.45 million. This is an 80 percent increase,” he said.

Saeed said that the incumbent administration was forced to introduce a 40 percent mandatory USD exchange requirement because of the gloomy outlook that resulted from MDP administration’s actions.

“Why? Because the outlook during the MDP administration was towards bankruptcy. This is the dark outlook the MDP administration brought. To change this outlook, the percentage was raised from 20 to 40 to utilize the dollar revenue generated from tourism – the Maldivian economy’s central pillar – for the country’s requirements,” he said.

Saeed said that he therefore categorically rejects MDP’s allegations that he failed to implement any effective policies to reform the economy.

He made full use of the one-hour he was granted to respond to the motion against him.