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Minister of Economic Development Mohamed Saeed claimed that foreign currency supply through banks at the official rate has surged significantly under President Muizzu's administration compared to the previous MDP government, while debt repayment measures saved the nation from bankruptcy.
News Desk
Economic Minister Saeed - Photo: President Office
MALÉ: Minister of Economic Development, Transport and Trade, Mohamed Saeed, asserted in a social media post that comparative figures demonstrate the government of President Dr. Mohamed Muizzu has significantly outperformed the previous Maldivian Democratic Party (MDP) administration in supplying US dollars through banks at the official exchange rate of MVR 15.42.
Addressing ongoing economic criticism from the main opposition MDP, Minister Saeed argued that the data exposes a clear contradiction between opposition claims and actual financial numbers.
According to data shared by Minister Saeed, the average monthly volume of US dollars supplied through banks at the official rate has risen sharply under the current People’s National Congress (PNC) administration:
2021 (MDP): $21.1 million average per month
2022 (MDP): $31.6 million average per month
2023 (MDP): $36.9 million average per month
2024 (PNC): $40.5 million average per month
2025 (PNC): $61.2 million average per month
2026 (PNC, Jan–Jul Average): $81.2 million average per month
Saeed highlighted that the current monthly average of $81.2 million represents a 120% increase compared to $36.9 million in 2023 during the final year of the MDP government.
Minister Saeed stated that the increased dollar supply covers essential public needs and commercial operations, including:
Saeed further emphasized that the administration achieved these record allocations while successfully servicing $1.2 billion of large foreign debt left behind by the MDP government, thereby preventing national insolvency. He maintained that President Muizzu is actively rescuing the nation from the economic crisis inherited from the previous administration.
