Saeed accuses opposition of using dollar-rate rhetoric to drive turnout for Thursday’s ‘Dhathivejje’ protest

Economic Minister Mohamed Saeed said on Wednesday evening that the opposition is amplifying claims of dollar scarcity in order to mobilize public protests.

In a video posted on social media, Saeed said repeated statements by the opposition about a “stagnant” or “drying up” dollar supply fuel black-market activity and create economic instability.

The minister said he understood the political motive behind the remarks.

“We know the purpose of this. They are doing this to mobilize people for the demonstration. But the public understands the real situation. It is our responsibility to explain what is actually happening,” he said.

ރާއްޖޭގެ އިގްތިޞާދަށް ގެއްލުންލިބޭނެ ވާހަކަތައް ޚަޤީޤަތް އޮޅޭގޮތަށް ދެއްކުމަކީ އެއްވެސް ބޭފުޅަކަށް އޭގެ ފައިދާއެއް ވާނެކަމެއްނޫން. pic.twitter.com/XooZfR12tw

— Mohamed Saeed (@em_saeed) August 12, 2026

He made the remarks as the opposition MDP prepares to hold its ‘Dhathivejje’ demonstration on Thursday evening.

In the ten-minute video, Saeed compared the current dollar situation with conditions during the previous MDP administration. He said the present government, through the MMA and BML, is issuing dollars to businesses, students studying abroad, and patients seeking overseas medical treatment at levels “never seen before.”

“What is happening in the black market is because dollars are not being channelled into the banking system, and instead sold privately by those who receive them. This is being encouraged by headlines and by those who previously ruled the Maldives,” Saeed said.

He also addressed former President Mohamed Nasheed’s recent demand for the government to bring the black-market dollar rate down to MVR 19 within 10 days. Saeed recalled Nasheed’s own past comments during a period when dollar queues stretched from the MMA to the fish market.

“At the end of that administration, the dollar was at MVR 17,” he said.

Saeed further criticized Nasheed for speaking about rising commodity prices while having “sold Velana International Airport to GMR” during his presidency.

He said political figures “return wearing white shirts” whenever the public rejects former presidents, and urged the opposition not to make statements that “threaten the country’s economy.”

The minister has recently argued that daily increases in the black-market dollar rate are being driven by headlines in certain newspapers. He described morning reports quoting rates of MVR 22 as “creating panic,” spreading “fake news,” and “manipulating the market.”

The official exchange rate remains pegged at MVR 15.42. However, private money changers and the black market continue to trade dollars at significantly higher rates, with the black-market price rising to MVR 22.10 at the beginning of this week.

Maldives is heavily dependent on imports, and the appreciation of the dollar has led to sharp increases in commodity prices, felt by every household regardless of what any news or state agency claims.