Opposition Maldives Democratic Party (MDP) has called on the government to reduce the US dollar exchange rate to MVR 19 within 10 days and to MVR 17 within a month.
MDP Chairperson and former president Mohamed Nasheed made the call at a press conference on Wednesday, saying the party would continue its planned protest despite the bad weather.
Nasheed said the protest would also demand solutions to the country's foreign exchange shortage, including bringing down the dollar rate to MVR 19 within 10 days and MVR 17 within a month.
"MVR 17 is the rate when these people took over the government," Nasheed said.
He said he had no doubt that the dollar could be brought down under an MDP government, arguing that economic research and planning could be used to address the issue. He criticized the government for failing to take the necessary measures and allowing the dollar to appreciate.
Nasheed said the MDP is also monitoring market prices every week. He said prices had increased between the previous Wednesday and Tuesday, with the price of onions rising by MVR 2 per kg.
He said ferry fares had increased the most and that the rise could not be attributed solely to the dollar exchange rate. He also expressed concern about the overall direction of the economy.
"The lack of loan restructuring is another reason for the dollar's appreciation. The lack of dollar bonds or loans to bring dollars into the economy is also a reason," Nasheed said.
USD has continued to appreciate against the MVR and is currently trading at around MVR 22.
The government recently amended the Foreign Exchange Act to require resorts to deposit 20 percent of their total income with Maldivian banks as part of efforts to increase the supply of USD in the domestic market.
Nasheed criticized the policy, saying government intervention in private businesses could discourage investment.
"If the government enters private business and makes laws, businessmen will back down and investments in the Maldives will slow down. Those who are already investing will also be more concerned," he said.
He warned against measures aimed at obtaining dollars without considering their impact on the tourism industry.
"We believe that if the government's policies are shaped in such a way that it is difficult for resort businesses, the damage to the tourism industry will be enormous," Nasheed said.
MDP has announced plans to hold a protest to raise concerns over the economic situation. Home Minister Ali Ihusaan said in parliament that the protest could not be held on Majeedhee Magu.
Nasheed said the party was in discussions with police ground commanders about the protest and that there were no issues between the MDP and police.
He said the party chose Majeedhee Magu because it wanted its concerns to be heard by as many people as possible.
"We are not trying to make it difficult for them. We are not protesting in the green zone. We are protesting on Majeedhee Magu," he said.
Nasheed also criticised Ihusaan for announcing in parliament that the protest could not be held on Majeedhee Magu while discussions between the party and police were ongoing.
He said the Home Minister's intervention amounted to interference in police affairs and argued that politicians should not instruct police officers on operational matters.
"If you look at the police commands and if it is political in nature, it will be difficult to follow it," Nasheed said.
