The opposition Maldivian Democratic Party (MDP) Chairperson and former President Mohamed Nasheed had warned that the dollar value would climb further with the government's attempts to conceal the rising exchange rate.
Speaking at the "Dhathivejje" protest organized by the MDP, Nasheed said the government is attempting to distort reality by blaming two news outlets for the currency's appreciation. He warned that such rhetoric would only drive the dollar's value higher.
"In their arrogance, they are once again claiming that the dollar rate is rising because of publications in two newspapers. The more they try to hide the truth, the more expensive the dollar will become," Nasheed said.
Nasheed asserted that if the current administration is unable to increase the dollar supply in the Maldives, the MDP knows how to bring that foreign currency into the country. He stated that the MDP understands how to secure the "green signals" that this government has failed to achieve, and urged the administration to come to the negotiating table.
"That is why we, the Maldivian Democratic Party, are saying: come and talk to us. We know how to secure those funds. You spoke of 'green signals,' but none of those signals have turned green," Nasheed said.
"We know how to trigger those green signals. We are experienced in bringing this capital into the Maldives."
In a TikTok video released last night, Economic Minister Mohamed Saeed claimed that news headlines are encouraging the black market rate to rise. He alleged that former heads of state were also involved in setting these rates.
Furthermore, Saeed stated last Sunday that when the nation wakes up to headlines in two newspapers claiming the dollar rate is at MVR 22 or MVR 24, the market reacts accordingly.
However, financial and economic experts speaking during the "Dollar Salla" panel discussion, co-hosted by Adhadhu and Sangu TV, disagreed with the minister's assessment. They stated they do not believe there is a correlation between news headlines and the rising value of the dollar.
The dollar rate on the Maldivian black market continues to climb unchecked, currently standing at MVR 22.60. This is an increase of 15 laari from this morning’s rate of MVR 22.45.
As the black market rate continues its relentless surge, the public is also facing increasing difficulties in obtaining foreign currency.
Real-time changes to the dollar rate can be monitored via the Adhadhu Dollar Tracker.
