Economic Minister Mohamed Saeed has stated that the Maldivian economy is expected to grow by 5.5 percent this year.

In a post on X (Formerly Twitter), Minister Saeed stated that when President Mohammed Muizzu took over the government, the previous government had put the country's financial situation at a dangerous level. To get rid of the financial difficulties, the government is paying the debt and bills that the previous government had not paid to the private sector, he said.

“This year, God willing, the economy will grow by 5.5 percent,” he said.

Meanwhile, Saeed said the Sovereign Development Fund (SDF) is now being funded in dollars.

Saeed was quoting a press release issued by the Finance Ministry today denying media reports that the Bank of Maldives (BML) has decided to lower the dollar limit of its cards.

The Finance Ministry said BML has not taken any decision to reduce the dollar limit on credit and debit cards.

"The Bank of Maldives has assured the Ministry that it has not yet taken any decision to reduce the dollar limit on their cards," the Finance Ministry said.

Currently, there is a USD 250 per month limit for debit cards and a USD 750 limit on credit cards.

On the reduction in card limits, BML said it is reviewing the existing card limits for foreign currency transactions from rufiyaa accounts due to difficulties in receiving foreign currency.