Minister: USD rate has dropped lower than when we took office

The US dollar exchange rate in the parallel market has dropped down lower than what it was back when the incumbent administration took office, says Economic Minister Mohamed.

At a press briefing on Monday afternoon, Saeed said that while the exchange rate in the parallel market remains higher than the official bank rate of MVR 15.42, the government’s efforts have helped push down the parallel market rate considerably.

Saeed said that the rate had been significantly high back when President Dr. Mohamed Muizzu took office on November 17, 2023.

He said that the rate has now dropped to lower than what it was back then.

He described the development as “major economic progress.”

Saeed took the opportunity to thank businesses, especially USD revenue generators, for their cooperation, and said the government continued to work to maintain the dollar exchange rate in the Maldives.