I didn't guarantee that USD rate would fall if a parliamentary majority is granted; what I said was that things would become easier: Saeed
14 ސެޕްޓެމްބަރު 2026 | ހޯމަ 09:44Economic Minister Mohamed Saeed has denied claims that he pledged a decrease in the US dollar exchange rate upon securing a parliamentary majority. During a press conference, the Minister asserted that he had never provided such an assurance and accused journalists of misrepresenting his remarks; however, during the election campaign, he had previously stated that the dollar rate would fall below MVR 15.42 if the government obtained control of Parliament.
Minister of Economic Development and Trade Mohamed Saeed. | Presidents office
Economic Minister Mohamed Saeed has been accused of making false claims regarding his previous assurance that the continuous rise in the value of the dollar would be halted if the public granted a parliamentary majority to the ruling PNC.
During a press conference held at the President's Office on Monday, a journalist raised a question regarding a previous statement made by the Minister, who had pledged to lower the dollar exchange rate if the government secures a parliamentary majority.
Responding to the question, Minister Saeed stated that he had not provided any such assurance. He further accused journalists of attempting to manipulate his remarks.
My statement regarding efforts to align the dollar rate with the official exchange rate if the government secures a majority was merely a segment of a much larger speech. I urge you to listen to the rest of my remarks; this is another instance of manipulation. The core message is that it will be significantly easier to stabilize the economy, escape the debt trap the country has fallen into, and support the President in settling substantial debts if we have a supportive majority in Parliament. We are seeing the reality of this today.Mohamed Saeed
Despite Minister Saeed’s recent remarks, he had previously offered such assurances during a rally in L. Maavah held alongside President Dr. Mohamed Muizzu during the parliamentary election campaign. On that occasion, Saeed stated that the dollar exchange rate would eventually drop below MVR 15.42.
Securing a parliamentary majority alone will strengthen the Maldivian Rufiyaa by 30 to 40 percent against the US Dollar. The ultimate result of this will be the dollar exchange rate falling even below the current benchmark of 15.42 in the future.Economic Minister Saeed made these remarks during a gathering held in L. Maavah.
Despite being repeatedly questioned on the matter by both members of parliament and journalists, the Minister has yet to provide a direct answer. Whenever the issue is raised, Minister Saeed offers inconsistent responses.
Minister Saeed stated that the People’s National Congress (PNC) securing a parliamentary majority was a stroke of luck for the Maldives, asserting that the country would have otherwise faced bankruptcy. Responding to inquiries regarding the economic situation, he highlighted the administration's track record in debt servicing, noting that $1.2 billion in debt has been repaid to date. The Minister further emphasized that state-owned enterprises, which had previously been "driven to ruin," are now being revitalized and stabilized.
However, during the most recent briefing on Monday, the Minister denied making those remarks. He further accused journalists of manipulating his words and misrepresenting the entirety of his speech.
