"USD exchange rate is set to continue its downward spiral"

President Dr. Mohamed Muizzu has affirmed dollars rate would continue to depreciate. The remarks were made by the president while during a political event held in Fuvahmulah City.

Speaking at the event, President Dr. Muizzu highlighted the strengthening of economic sufficiency and development following the measures implemented to stabilise the dollar exchange rate. Observing that the initiatives positively influenced the economy as it led to the appreciation of the Maldivian currency, the president stated that the country has been attaining a greater revenue, while regaining the trust of several investors.

President Dr. Muizzu disclosed that the Sovereign Development Fund (SDF) utilised to pay loans taken from abroad comprised of only USD 2 million when he assumed office. Nonetheless, the president confirmed that within a few months of his tenure, USD 35 million have been amassed owing to various proactive measures initiated by the government. He further asserted that the economic resurgence was attributable to the cessation of money printing, while criticising the previous administration's decision to print USD 519 million. The president cautioned against the practice of money printing as it could result in the potential loss of the economy, assuring that it would not be a policy utilised by the government.

Furthermore, President Dr. Muizzu proclaimed that several developmental projects are to commence in all parts of the country, before the year ends. The president stated that the projects will be entrusted to contractors such that it serves as an advantage to the Maldivian economy.

Envisioning a bright future for the development of the nation, President Dr. Muizzu emphasised the significance of unified efforts and public cooperation to ensure the tasks are completed to deliver the anticipated results. On this stance, the president underscored the crucial importance of parliamentary cooperation, urging residents to elect candidates who will actively support the government. He encouraged residents to cast their votes for the betterment of the nation rather than for political purposes.