Saeed Fails to Give Direct Answer on Why Dollar Rate Remains High

The Minister of Economic Development and Trade, Mohamed Saeed, was unable to provide a direct explanation in Parliament today as to why the dollar rate has not decreased, despite repeated concerns from people.

The issue was raised during today’s sitting of the People's Majlis by MPs Hussain Ziyad and Ibrahim Nazil. The members questioned why the government has failed to bring down the dollar rate as previously pledged, and highlighted the continued surge of the currency’s value on the black market.

In response, Minister Saeed stated that the current administration has managed to prevent the country from going bankrupt. He also shared figures on the amount of dollars supplied to businesses this year, along with details of foreign financial assistance received. However, he did not specify a clear reason for the continued high exchange rate, nor did he provide a timeline for when the dollar price might decrease.

Dissatisfied with the response, MP Ziyad expressed frustration, stressing that questions raised in Parliament require direct answers. He criticized the minister for delivering what he described as “unnecessary rhetoric” instead of addressing the core issue. Ziyad further pressed the minister to provide a clear and straightforward explanation.

The government had come to power with a strong pledge to reduce the dollar rate. However, more than two years into its term, the black market rate continues to exceed MVR 20 per dollar, remaining a major concern for both the public and the business community.