Former President Abdulla Yameen Abdul Gayyoom has blamed the Governor of the Maldives Monetary Authority (MMA) for the sharp rise in the black market dollar rate, calling it a result of incompetence and failed monetary policies.
In a post on X, Yameen expressed concern over the escalating parallel market rate, where the dollar has now reached MVR 20. He warned that the uncontrolled rise is wreaking havoc in the consumer market and further destabilizing the economy.
Yameen also highlighted the country's growing debt burden, noting that international debt servicing exceeds \$500 million this year and is projected to rise to over \$1.2 billion next year. He said the MMA’s failure to manage the foreign exchange market and the Governor’s inability to secure adequate oversight have contributed directly to the crisis.
Making a veiled reference to past economic hardships, Yameen questioned whether the country was once again returning to a time of surviving on basic staples like Garudhiya (Maldivian fish soup) and rice.
This is the first time the dollar has surged to MVR 20 in the black market since the COVID-19 pandemic.
President Dr. Mohamed Muizzu had earlier pledged that the dollar rate would stabilize and return to the official bank rate by the end of 2027. However, the recent spike has raised concerns about the effectiveness of the government's current approach to managing the currency.
In a post on X, Yameen expressed concern over the escalating parallel market rate, where the dollar has now reached MVR 20. He warned that the uncontrolled rise is wreaking havoc in the consumer market and further destabilizing the economy.
Yameen also highlighted the country's growing debt burden, noting that international debt servicing exceeds \$500 million this year and is projected to rise to over \$1.2 billion next year. He said the MMA’s failure to manage the foreign exchange market and the Governor’s inability to secure adequate oversight have contributed directly to the crisis.
Making a veiled reference to past economic hardships, Yameen questioned whether the country was once again returning to a time of surviving on basic staples like Garudhiya (Maldivian fish soup) and rice.
Intl debt servicing this yr is in excess of $500m, nxt yr in excess of $1.2bln. $ parallel mkt at rf 20 n let on a free fall wreaking havoc in de consumer mkt while de Governor lost his battle for a chaperone. Garudhiya time revisited Ali Arif?
— Abdulla Yameen (@prz_ymn) July 11, 2025
This is the first time the dollar has surged to MVR 20 in the black market since the COVID-19 pandemic.
President Dr. Mohamed Muizzu had earlier pledged that the dollar rate would stabilize and return to the official bank rate by the end of 2027. However, the recent spike has raised concerns about the effectiveness of the government's current approach to managing the currency.
