Economic Minister Mohamed Saeed has said the Maldives Monetary Authority (MMA) is legally responsible for addressing the dollar shortage, not the Ministry of Economic Development.

Responding to a no-confidence motion submitted against him in Parliament today, Saeed addressed criticism over his repeated assurances that the dollar exchange rate would decline, despite its continued rise.

He said Article 24(a) of the Maldives Monetary Authority Act 1981 mandates the MMA to implement the exchange rate system and formulate and implement exchange rate policy. He added that questions over the dollar shortage should therefore be directed to the MMA by the MDP parliamentary group.

Saeed also said the current administration has released 80 per cent more US dollars through banks than the previous administration.

Between 2021 and November 2023, the administration of former President Ibrahim Mohamed Solih released USD 1.75 billion through banks. Under President Dr Mohamed Muizzu, USD 1.9 billion was released over the past three years, including USD 486.53 million in 2024, USD 733.82 million in 2025 and USD 718.53 million so far in 2026.

The figures include dollars released for businesses through telegraphic transfers, Hajj and Umrah, overseas education, medical expenses and Maldivians travelling abroad.