Financial expert Ismail Zariyand has raised serious questions regarding the current administration's fiscal policies, citing MIRA statistics to highlight that the government is receiving the highest foreign currency revenue in Maldivian history.
Zariyand, who served for many years at the Auditor General’s Office and the Finance Ministry, noted in a post on X that despite record dollar inflows, major issues such as bank card limit restrictions, difficulties in importing goods, and the necessity of foreign exchange controls remain unresolved.
He emphasized that the question is no longer whether the state is receiving dollars, but rather what is happening to those funds and where they are being directed.
According to the data shared by Zariyand, which references MIRA statistics, the average annual dollar revenue under President Mohamed Muizzu’s administration has increased compared to previous governments.
Government Foreign Currency Revenue
- Yameen Administration (2013-2018): Total dollar revenue of $3,078.68 million, with an annual average of $513.11 million.
- Solih Administration (2019-2023): Total dollar revenue of $3,421.94 million, with an annual average of $684.39 million.
- Muizzu Administration (2024-2025): A total of $2,557.88 million received in just two years, averaging $1,278.94 million annually.
The figures shared by Zariyand indicate that the current government's annual dollar revenue has nearly doubled compared to its predecessors. However, the persistent dollar shortage in the financial market and the ongoing restrictions on public bank card transactions for foreign purchases raise questions about the government's management and effective utilization of these record revenues.
The exchange rate for the US dollar has reached an all-time high in the Maldives. Yesterday, the rate stood at MVR 21.25 per dollar, and business owners suggest that the price of the dollar is likely to continue its upward trend in the near future.
