“Dollar Black-Market Rate Falls Below Level Recorded When Government Took Office”

The black-market exchange rate for the US dollar has fallen below the level recorded when the current government took office, Economic Development and Trade Minister Mohamed Saeed said.

Speaking at a press conference held at the President’s Office, the Minister attributed the decline to measures introduced by the government to curb illegal foreign currency trading.

“According to the latest information, the rate has now dropped below where it stood when this government took office, returning to the rate band seen during the previous administration. This is significant progress,” Minister Saeed said at a press conference held at the President’s Office.

Minister Saeed highlighted the government’s efforts to tackle the illegal foreign exchange market and said that attempts had previously been made to artificially increase and manipulate the value of the US dollar.

The minister further stated that the conversion of foreign currency outside official rates, in violation of exchange licences and regulatory requirements, had become widespread.

According to Saeed, recent amendments to foreign exchange regulations and increased enforcement have contributed to a decline in black-market rates.

The minister’s remarks come as the government continues to implement measures aimed at strengthening regulation of foreign currency transactions and reducing activity in the unofficial foreign exchange market.