Minister of Economic Development, Transport and Trade Mohamed Saeed has stated that the surge in US dollar rates in the Maldives is a direct consequence of the previous MDP government printing MVR 8,000 million.

The Minister made these remarks during today’s sitting of the People's Majlis, responding to a query from PNC MP for the Feydhoo North constituency, Ismail Nizar, regarding ongoing foreign exchange challenges. The MP highlighted that state debt had climbed above MVR 120 billion during the MDP administration. He questioned the current and long-term economic impacts of the previous government using its supermajority in the 19th Parliament to suspend legal clauses and print billions of rufiyaa.

In his response, Minister Saeed recalled that he had vocally opposed the decision across various platforms when the previous parliament granted the government permission to print money by suspending key provisions of the Fiscal Responsibility Act. He noted that even "The Democrats"—former President Nasheed’s faction within the then-supermajority—had urged against the move at the time, warning that it would pave the way for theft and corruption.

"The primary reason for the struggles currently facing the Maldivian foreign exchange market and the severe devaluation of the Maldivian Rufiyaa is the previous MDP administration's decision to print MVR 8,000 million and inject it into the local economy," Minister Saeed asserted.