Economic Minister Mohamed Saeed has blamed the previous government for the high dollar rate, two years after he assured that the rate would go down if the government wins parliament majority.

At a press conference at the President's Office on Tuesday (March 24), Saeed said the Muizzu administration inherited the dollar issue from the Solih administration. He said it was caused by mistakes of the previous government.

"The issue about the dollar rate is always a concern. However, the government is managing the economy very carefully. We have inherited big problems," Saeed said.

"Then some people who criticise us will say we are always blaming the previous government. I try very hard not to say it. But that's where the problem starts. The previous government started this issue. The mistake was started by the previous government."

However, during the campaign for the parliament election in 2024, Saeed claimed that the rate can be lowered to MVR 15.42 per dollar if the government wins a majority.

"Even if we just get a majority in parliament, the Maldivian Rufiyaa will strengthen by 30-40 percent against the dollar. What will be the result? The dollar will fall below MVR 15.42 in the future," Saeed said.

Although the government policy on the dollar rate has not produced any positive results, Saeed expressed optimism for the future.

He claimed that the government has taken difficult measures which would produce positive results in the coming days.

The dollar has been at a record high on the black market for several months. Currently, the rate is MVR 20.10 per dollar.

Experts say the rate will continue to climb amid the slowdown in the tourism industry following the Iran war and rising energy prices.

On the dollar rate issue, recently publicised information revealed that the government has no intention of lowering the rate, but plans to float the exchange rate.