Former President Mohamed Nasheed has called on the government to take immediate action to bring the black market exchange rate of the U.S. Dollar(USD) down to MVR 19 within 10 days.

Speaking at a press conference ahead of the Maldivian Democratic Party's (MDP) planned protest, Nasheed outlined the reduction of the dollar exchange rate as the party's main demand for the demonstration.

Nasheed said the immediate target should be to reduce the black market rate to MVR 19 within 10 days, followed by a further reduction to MVR 17 within the following month.

He said these targets would form the central focus of the MDP's protest scheduled for tomorrow night.

The former president also expressed confidence that such reductions could be achieved under an MDP administration, arguing that bringing down the exchange rate was a realistic objective.

The black market USD rate has continued to climb in recent months and is currently reported at around MVR 22.

The elevated exchange rate has increased pressure on businesses and consumers, particularly in an economy heavily dependent on imported goods.

Business operators have reported continued difficulties arising from the high exchange rate, although they have also indicated that USD remain available through the black market in the quantities required.

The MDP's planned demonstration comes amid growing concerns over foreign exchange shortages, rising living costs and pressure on the Maldivian Rufiyaa.

The party has made economic conditions and the cost of basic goods central issues in its recent political campaign.