Nasheed Raises Concerns Over Dollar Shortage Impact on Students and Businesses
19 އޮކްޓޯބަރު 2026 | ހޯމަ 13:05Former President Mohamed Nasheed has expressed grave concern over the skyrocketing value of the US dollar, which is causing significant hardship for Maldivian students studying abroad and local businesses. Criticizing the government's failing fiscal policies, Nasheed asserted that the Maldives only managed to avoid a sovereign debt default due to timely financial assistance from India.
Nasheed delivers his address at the 5th Congress of the MDP. | MDP
The Chairperson of the Maldivian Democratic Party (MDP) and former President, Mohamed Nasheed, has expressed concern over the increasing difficulty in accessing US dollars, which has created significant challenges for Maldivian students studying abroad and local businesses.
In a post on X on Monday, former President Nasheed stated that the value of the dollar continues to rise significantly. He further noted that even when individuals have Maldivian Rufiyaa in their accounts, they are unable to exchange it for dollars.
Nasheed stated that families living abroad with school-aged children, as well as numerous entrepreneurs, are facing extreme hardships. He further asserted that all policies implemented by President Dr. Mohamed Muizzu’s administration to secure dollar liquidity have failed.
At the same time, Nasheed stated that the Maldives avoided defaulting this month only because India extended the deadline for the currency swap repayment. Furthermore, Nasheed expressed concern over President Muizzu's decision to visit Pakistan while the general public continues to face such significant hardships.
