USD could fall to MVR 10 if the ruling People's National Congress (PNC) remains in power for another 10 to 15 years, PNC Parliamentary Group Leader Ibrahim Falaah said today.

Speaking during the parliamentary debate on the no-confidence motion against Economic Minister Mohamed Saeed, Falaah said the appreciation of the dollar was due to economic policies implemented by the previous Maldivian Democratic Party (MDP) government, including the printing of money.

He also accused the previous administration of losing a significant portion of government revenue through corruption and taking loans without investing in profitable ventures.

"This is what happens when economic activity is carried out improperly. This is why the dollar and other things are fluctuating. If our government continues like this for, say, 10 or 15 years, the dollar rate will be MVR 10," he said.

Responding to allegations that dollars were being sold at inflated rates on the black market, Saeed said the current government had issued USD 1.9 billion at the official exchange rate, 80 percent more than the previous administration.

Minister Saeed said the Maldives Monetary Authority (MMA) was legally responsible for determining foreign exchange rate policies but presented statistics to defend the government's record on USD disbursements.

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

In comparison, USD 1.9 billion had been issued at the official rate during the first three years of President Dr Mohamed Muizzu's administration, he said.