The Minister of Economic Development, Transport and Trade, Mohamed Saeed, has announced that the US dollar exchange rate is on a downward trajectory following a series of aggressive government interventions to dismantle the foreign exchange black market.
Speaking on recent economic developments, Minister Saeed said that illicit currency traders had previously manipulated and artificially inflated the price of the US dollar, creating a severe parallel market that even drew in large corporations paying employee salaries outside official rates.
However, through recent amendments to foreign exchange regulations and targeted law enforcement operations—which recently uncovered illicit networks trading tens of millions of dollars—inflated rates have begun to drop.
"According to current information, rates have fallen below what they were when this administration took office," Minister Saeed said, noting that rates have now realigned with the band maintained by the previous administration.
He affirmed that enforcement efforts will continue unabated in close coordination with major foreign exchange earners. Recent data from law enforcement highlighted the scale of the crackdown, revealing that just seven targeted illegal establishments had previously rolled USD 76 million through unauthorised channels.
In addition to stabilising the foreign exchange market, Minister Saeed shared major milestones regarding the nation's economic diversification efforts during the press conference at the President’s Office. He announced that the Maldives' newly introduced offshore bunkering services have successfully generated USD 80 million in revenue since its launch in September 2024.
Operated in partnership with global energy trading leader Vitol and managed by the State Trading Organization (STO), the bunkering initiative represents an entirely new revenue stream for the island nation. The service has seen steady month-on-month growth, driven largely by the introduction of newly imported low-sulfur fuel oil to vessels crossing Maldivian waters.