Minister of Economic Development and Trade, Mohamed Saeed, has alleged that the opposition Maldivian Democratic Party (MDP) is weaponizing the current foreign exchange challenges to incite public unrest. In a video statement released on social media, the Minister claimed that the underlying motive behind the opposition’s rhetoric is to mobilize citizens for street protests.

Minister Saeed warned that spreading misinformation regarding the dollar shortage poses a significant threat to the national economy and emboldens black market activities. These remarks come as the MDP prepares for a protest titled ‘Dathivejje’ (Hardship Faced), scheduled to take place in the capital, Malé.

Defending the current administration’s fiscal management, Saeed asserted that more foreign currency is currently being disbursed through the Maldives Monetary Authority (MMA) and the Bank of Maldives (BML) than at any other time in history. He highlighted that these funds are specifically prioritized for medical expenses, students abroad, and essential business imports. He further noted that the black market thrives when foreign currency is traded outside the formal banking system.

Addressing recent calls by former President Mohamed Nasheed to lower the dollar rate to MVR 19 within ten days, the Minister reminded the public of the economic conditions during Nasheed’s tenure. Saeed recalled the long queues at the central bank and the controversial sale of the national airport to a foreign entity during that period.

The Minister urged all parties to refrain from spreading panic-inducing headlines, noting that reports of the dollar hitting MVR 22 only serve to destabilize the market. While the official exchange rate remains pegged at MVR 15.42, the black market rate has reportedly exceeded MVR 22, leading to rising costs for imported goods.