USD exchange rates have dropped below levels recorded when President Muizzu assumed office: Saeed
14 ސެޕްޓެމްބަރު 2026 | ހޯމަ 09:43Despite Minister Saeed's assertions, he failed to provide any specific details or data to substantiate the claim that the dollar exchange rate has declined to the levels observed when the current administration initially took office.
Minister of Economic Development and Trade Mohamed Saeed. | President's Office
Minister of Economic Development and Trade Mohamed Saeed has stated that the US dollar exchange rate has now fallen below the levels recorded when President Dr. Mohamed Muizzu assumed office.
Speaking at a press conference held at the President's Office on Monday, Minister Saeed stated that the dollar exchange rate has decreased compared to the rate inherited when President Muizzu took office. The Minister further clarified that the current exchange rate has now stabilized within the same range observed during the previous administration's transition.
Highlighting it as a significant achievement, Minister Saeed noted that the dollar exchange rate was exceptionally high when the current administration took office. However, he stated that the government's efforts have successfully resulted in a reduction of that rate.
Furthermore, Minister Saeed expressed his gratitude to the business community and foreign currency earners for their continued support and cooperation with the government's ongoing initiatives. The Minister also reaffirmed that the government remains committed to sustaining its current efforts moving forward.
Based on the information currently available to us, the rates have reportedly fallen below the levels recorded when we first assumed office. This indicates that the figures are now within the same range observed during the transition from the previous administration.Mohamed Saeed
Minister Saeed further noted that there had been previous discussions regarding the use of artificial rates and the fact that the Rufiyaa exchange rate was not maintaining its expected market value. He stated that while the official rate stands at 15.42, the exchange rate is currently showing a downward trend.
Despite Minister Saeed’s assertions, he did not provide specific details regarding the extent to which the dollar rate has declined since the current administration took office. Since the government's inauguration, the exchange rate on the black market has surged to as high as MVR 23. In contrast, when President Muizzu assumed power, the black market rate stood at MVR 17.
The government has stated that the value of the dollar on the black market is expected to decline following the introduction of stringent new amendments to the foreign exchange regulations.
