Former President Mohamed Nasheed stated that the dollar is not declining because expenditures have not decreased due to the lack of an effective debt restructuring plan.

Economic Minister Mohamed Saeed stated on Tuesday that inquiries about the persistent high exchange rate of the US dollar should be addressed to ex-presidents Mohamed Nasheed and Ibrahim Mohamed Solih.

Saeed stated that the main focus of President Dr. Mohamed Muizzu’s government is to disrupt the nation's debt cycle and create a credible, resilient economy. He claimed that the prior administration led by former president Solih did not meet this goal and asserted that its policies resulted in significant financial hardship for the nation.

On Tuesday evening, Nasheed posted on X that the dollar is not losing value due to the absence of an effective debt restructuring program and the continued high levels of dollar spending.

This administration took office with a commitment to address the dollar issue and eradicate the black market. Nonetheless, the government has yet to address the dollar issue even after two years.

Moreover, inflation is increasing and prices of commodities have dropped to their lowest levels.