Economic Minister Mohamed Saeed says reports suggesting that the government is planning to change the official exchange rate in the Maldives to MVR 25 are baseless lies.
At a special program about the economic situation in the Maldives, Minister Saeed said reports stating that the government is planning to hike the exchange rate through the Bank of Maldives BML) are 'fake news' meant to disrupt the market.
Minister Saeed added that the current challenges facing the economy are the result of the previous government's excessive money printing.
However, he said that President Dr. Mohamed Muizzu's government is now working to get the economy back on track without printing money and paying off debts.
The Minister conceded that the dollar rate has risen in the black market but assured that the financial situation in the Maldives has not reached frightening levels.
Head of Brand and Marketing Strategy Mohammed Saeed, who represented BML at the event, said the bank’s dollar issuance to the market has increased dramatically.
He said that the bank sold USD 570 million in the first six months of this year alone, a 77 percent increase over previous years.
