Dollar rates are rising because news outlets are creating "panic" among the public: Minister Saeed

Minister of Economic Development, Transport, and Trade Mohamed Saeed has stated that the rise in the value of the dollar in the Maldives is due to news outlets creating panic among the public.

Speaking at the "Two Sides of the Economy" forum held Monday night, Minister Saeed stated that a primary reason for the rise in the dollar's value is the publication of black market exchange rates by certain news outlets during the morning hours.

Saeed stated that inciting such panic among the public adversely impacts market confidence.

I am addressing the reports circulating in some news outlets this morning regarding the dollar rate reaching 22 Rufiyaa. I speak on this matter as a policymaker, rather than on behalf of the business community. Those who disseminate such information and incite panic are causing a direct and detrimental impact on the market.

Mohamed Saeed

Speaking at the forum, Ibrahim Shimad, Managing Director of the State Trading Organization (STO), stated that reporting in a manner that suggests an increase in the value of the dollar would have a negative impact on the Maldivian economy.

Business owners participating in the forum noted that, in addition to bank-allocated funds, US dollars are readily available for commercial purposes. However, many businesses continue to frequently voice concerns regarding the high exchange rate and the significant challenges faced in sourcing foreign currency.

However, while businesses are able to acquire dollars at premium rates, the general public continues to face significant challenges in obtaining foreign currency. Those traveling abroad for medical treatment, in particular, are encountering severe difficulties in securing the necessary funds. Meanwhile, the exchange rate on the black market has now climbed to 22 Rufiyaa per dollar.

Due to a shortage in the dollar supply within the Maldives, the prices of essential goods have risen by six percent compared to 2025. Citizens are currently facing significant challenges in accessing basic necessities as difficulties in importing goods continue to mount.

Minister Saeed previously stated that the value of the dollar would be lowered if the government secured a parliamentary majority. Similarly, President Muizzu assumed office with pledges to reduce the cost of living and stabilize the exchange rate.