In today's sitting of Parliament, the no confidence motion submitted by the opposition MDP against Minister Saeed was taken up.
Economic Minister Mohamed Saeed stated that false allegations are being made against him regarding the dollar rate, adding that the proportion of dollars released at the official rate by this government has increased by 80%.
In today's sitting of Parliament, the no confidence motion submitted by the opposition MDP against Minister Saeed was taken up.
The motion noted that due to the difficulty in obtaining dollars in the Maldives, the black market rate for dollars has risen, causing the prices of goods to skyrocket as well.
Responding to these allegations, Saeed said that the official rate is used by the Bank of Maldives (BML) to release dollars for businesses making Telegraphic Transfers (TTs), as well as for education, healthcare, outgoing travelers, and e-commerce transactions.
In that regard, he noted that during the last three years of former President Ibrahim Mohamed Solih's administration, USD 1.75 million was released for these purposes.
"From 2024 up to the present this year, this government has provided a total of USD 1.9 billion. This means an 80% increase has occurred here. It is almost a 100% doubling. So who released more dollars at the official rate? It has grown by nearly 100%. Therefore, what is stated in the motion is contrary to the truth.
Saeed further stated that this administration has taken numerous measures to increase foreign currency revenue received by the state.
Among these measures, he highlighted requiring 40% of dollar income to be exchanged, noting that this was something no previous government had dared to do.
He added that the additional funds received are being spent on the needs of the public.
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