Economic Development, Transport and Trade Minister Mohamed Saeed has stated that the US dollar exchange rate has declined since November 2023, when President Dr Mohamed Muizzu’s administration assumed office.

Speaking at a press conference held at the President’s Office today, Minister Saeed attributed the decline to government measures to curb the black market for US dollars, alongside reforms to the Foreign Currency Act.

He noted that the official exchange rate remains at MVR 15.42 per US dollar, while the black market had previously driven the dollar’s price significantly higher.

Minister Saeed said the government had been working with relevant sectors to address the issue and that the decline in the market rate was a result of these efforts. He thanked businesses and foreign-currency earning entities for their cooperation.

He added that further measures are planned and that the government will continue its efforts to reduce the dollar rate.