Minister Saeed Says Public Will Have Better Access to USD at Bank Rates Than Under Previous Administration
4 ނޮވެމްބަރު 2026 | ބުދަ 07:47Economic Minister Mohamed Saeed stated that the government's robust policies have led to a twofold increase in the availability of US dollars at official bank rates compared to the previous administration. Highlighting the positive trajectory of the Maldivian economy, the Minister further noted that the newly launched bunkering services have already generated $90 million in revenue.
Minister of Economic Development and Trade Mohamed Saeed. | Majilis
Responding to a no-confidence motion submitted to Parliament by the opposition Maldivian Democratic Party (MDP), Minister of Economic Development and Trade Mohamed Saeed stated that the current administration has released a total of $1.9 billion to meet various public needs during its tenure.
Speaking on the floor of Parliament, Minister Saeed stated that this represents an 80 percent increase compared to the final three years of the previous administration.
Minister Saeed stated that due to the administration's robust policies, the average monthly disbursement of US dollars has increased by approximately 100 percent, effectively doubling compared to the previous government.
The Minister noted that the increase in the availability of US dollars to the general public at the official bank rate was a direct result of the government's policy shifts aimed at boosting state foreign exchange inflows. He further stated that despite the global climate of conflict, the administration has successfully averted national bankruptcy while fostering growth for both businesses and the citizenry.
Responding to criticisms regarding the bunkering service, the Minister stated that the service, launched by President Dr. Mohamed Muizzu’s administration with two vessels, has generated USD 90.07 million in revenue to date.
The Minister stated that this amounts to 1.39 billion in Maldivian Rufiyaa, further noting that even greater opportunities within the bunkering sector are expected to emerge in the future.
Minister Saeed made these remarks at a time when the dollar rate on the black market has surged significantly since the current administration took office, leaving the general public facing immense difficulties in obtaining foreign currency for essential needs.
Furthermore, amid rising commodity prices, opposition figures are expressing concern, claiming that revenue from bunkering services has fallen significantly short of the $400 million initially projected by the government. However, the Minister defended the administration against these allegations in Parliament, asserting that the country's economic situation is improving.
