The volume of foreign currency transactions conducted at the official exchange rate has increased manyfold, Mohamed Saeed, the Minister of Economic Development, Transport and Trade, announced, underscoring a sharp contrast between current banking allocations and figures recorded four years ago.
Addressing political friction regarding foreign exchange availability, Minister Saeed asserted that criticism advanced by opposition groups is primarily intended to mobilise citizens for street demonstrations. Presenting comparative data to demonstrate the expanding scale of national dollar operations, the minister noted that monthly bank card outflows, averaging USD 10 million in 2021, currently reach approximately USD 39 million.
Monthly telegraphic transfers for importing goods rose to USD 26.6 million from USD 6.7 million, with state financial support expanding to cover 30 to 40 per cent of merchant needs, up from 5 per cent. Minister Saeed noted that misrepresenting the truth and damaging the national economy benefits no one.
Social sector allocations have expanded across higher education and healthcare. Outflows supporting higher education doubled to USD 3.6 million monthly from USD 1.9 million in 2021, while monthly medical allocations abroad rose to USD 3 million, up from USD 159,000 in 2021. Funding allocated for outbound travellers climbed to USD 10 million monthly from USD 1.5 million. All disbursements continue at the official exchange rate, Minister Saeed maintained, highlighting that assertions that foreign currency transactions have ground to a halt are completely contrary to reality.