Economic Minister Mohamed Saeed has said the current government has issued 80 percent more USD at the official exchange rate than the previous administration.

Responding to a no-confidence motion submitted by 13 opposition Maldivian Democratic Party (MDP) MPs in Parliament today, Minister Saeed said USD 1.9 billion had been issued at the official rate during President Dr Mohamed Muizzu's administration.

Minister Saeed said the Maldives Monetary Authority (MMA) was legally responsible for determining foreign exchange rate policies but said he would address the allegations by presenting relevant statistics.

He said USD 1.75 billion was disbursed at the official rate between 2021 and November 17, 2023, during the previous administration.

In comparison, USD 1.9 billion had been issued at the official rate during the first three years of the current administration, he said.

Minister Saeed said USD 483.53 million was disbursed at the official rate of MVR 15.42 in 2024, representing a 97 percent increase compared to 2012. He added that USD 733.82 million was allocated in 2025 for business transactions, student expenses and medical purposes, while USD 718.53 million had been released so far in 2026.

Based on these figures, Minister Saeed said the current administration had increased the amount of dollars issued by 80 percent compared to the previous government.

He rejected allegations that the dollar shortage had worsened, saying the statistics showed otherwise.

The minister also said the government had introduced measures requiring businesses to exchange specified amounts of foreign currency.

Minister Saeed addressed several other allegations raised in the no-confidence motion.

Parliament's General Committee allocated one hour for Saeed to respond to the motion. The ruling People's National Congress (PNC), which holds a parliamentary supermajority, was given 38 minutes to debate the motion, while the MDP MPs who submitted it were allocated nine minutes.