MDP Chairperson and former President, Mohamed Nasheed, has alleged that central bank Maldives Monetary Authority (MMA) does not have a projection of how the dollar rate will increase, and stressed that it is imperative at this time for the MMA to share details relating to dollar rates with the public. 

Nasheed's remarks were made at the MDP's 'Dhathivehje' demonstration held last night. 

Nasheed said that as the dollar shortage becomes more serious, the dollar rate will continue to rise. 

"Maldives is heavily dependent on dollars for lots of expenses. For fuel alone, USD 100 million is spent per month. The cost of food is not small, the cost of staples. There's also the cost of medicine. Dollars are also necessary for several other imports," Nasheed said. 

He reflected that the cost of goods will inevitably continue to rise in line with rising dollar rates. The result of this, based on global experiences, is that Maldives is heading towards hyper-inflation, Nasheed said. 

Nasheed alleged that the government lacks a debt restructure plan even as debts have increased to 130 percent. 

He estimates that these factors will lead the dollar rate to rise to MVR 23. 

"The biggest concern in this is that neither the government, nor the MMA, can predict how far the dollar rate could rise," Nasheed said. 

Nasheed reiterated that it is important for the MMA to be transparent with the public about the dollar situation in the country, adding that misleading the public would only contribute towards further appreciation of the dollar.

Nasheed strongly criticized Economic Minister Mohamed Saeed, calling on him to 'stop making TikTok reels', and instead focus on finding resolutions for the economic issues faced by the nation. 

Nasheed once again called on the government to bring down the dollar rate to MVR 19 within 10 days. To facilitate this, MMA can immediately begin selling dollars to commercial banks, he added. 

The former President also criticized the amendments to the Forex Act which requires resorts to exchange 20 percent of its revenue at banks. 

He stated that resort owners must have the freedom of spending the resort's profits any way they please, warning that the government interfering in this would adversely affect tourism.