Economic Minister Mohamed Saeed said has said that the exchange rate of the dollar on the black market has started to stabilize due to the strong measures taken by President Dr Mohamed Muizzu.

In a post on Saeed X yesterday, he said the country's economy was in a dangerous situation when the government took over. However, the economy has started to improve due to the good measures taken by the President, he said.

“The dollar rate has started to stabilize despite the increase in demand for the dollar due to Umrah, Ramadan, and increased imports,” he said.

Speaking to One at an investment forum held in Dubai in February, Saeed said the dollar problem in the Maldives would be resolved within the next few months.

The minister said the biggest challenge facing the dollar issue is that the previous government had emptied the dollars deposited in the Sovereign Development Fund to pay off foreign loans.

He also noted that debt was being taken for major economic projects such as the Velana International Airport but these projects have not been completed.