Maldivian Economic Minister, Mohamed Saeed, had strong words to say about the rising foreign currency exchange rates in the black market.
According to the minister, Maldives Monetary Authority (MMA) – the central bank- is accountable for this continued surge of foreign currency exchange.
He said this at Wednesday’s parliamentary sitting where a no-confidence motion was introduced by Kendhoo MP Mauroof Zakir. While responding the parliamentary grilling session, Saeed said he analyzed the law to answer the question posed to him by the legislature.
Saeed that all currency exchange matters, including policy-level decisions, fell under the central bank’s legal purview.
“According to Section 24(a) of the Maldives Monetary Authority Act 1981, the Maldives Monetary Authority is the responsible for regulating currency exchange, including the implementation the currency exchange system and its related policies,” the minister responded.
“The law is clear on this matter, so the one posing this question (to me) has the opportunity, and access to raise the concern to the relevant authority.”
Thirteen opposition members signed a petition of no-confidence against the Economic Minister, citing Economic Ministry’s failure to provide sound reform policies to tackle the rising exchange rates.
The motion claims Saeed downplayed the seriousness of the matter by stating dollar constraints was a regular occurrence in the banking sector.
The MDP-backed motion also highlights Saeed’s earlier claim of bringing dollar exchange rates down to MVR 15.42 should ruling People’s National Congress (PNC) land parliamentary majority.
In response to the questions, Saeed claimed the current administration has been managing the economy better than the preceding government.