Minister of Economic Development, Transport and Trade Mohamed Saeed has stated that owing to the government's efforts to shut down black market dollar trading, dollar rates have now come down to previous levels. 

At a press conference held at the President's Office this afternoon, Saeed said that results are now being seen of measures being taken to halt the sale of dollars at rates higher than that set by the central bank.

The measures have now led to the dollar rate coming back down to the levels seen when this administration first came to office, Saeed said. 

"We are receiving information that the dollar rate has now gone below what was seen when we first came to office. By this I mean, during the transition from the previous government to ours, that is, the rate as of November 17, 2023 ... that the dollar rate is now slightly at this band, this is the information we are now getting," Saeed said. 

"This is remarkable progress," he added. 

At the time this administration assumed office, unofficial dollar rates were at MVR 17. This, however, continued to rise exponentially, and public concerns and dissatisfaction rose alongside. 

By the time the government set up a task force to shut down black market dollar sales, the rate had risen as high as MVR 23.