Failed Rollover Forced Dollar Reserves Depletion, Says Nasheed

Former President and the Maldives Democratic Party (MDP) Chairperson, Mohamed Nasheed, warned that the recent repayment of the state Treasury bill was executed by exhausting all available foreign currency reserves following a failed rollover attempt.

In a post on social media platform X, Nasheed stated that the government was forced to settle the maturing T-bill using all accessible hand-held dollar reserves after failing to secure a rollover for the facility. He argued that utilising every available dollar to meet debt obligations has effectively drained foreign currency from circulation within the domestic economy.

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Nasheed stressed that the worsening dollar shortage is a severe reality impacting everyday citizens rather than a political issue or an attempt to score political points. He noted that the central bank and commercial institutions like the Bank of Maldives (BML) are now depleted of dollars, leaving public transfers and corporate telegraphic transfers (TTs) completely halted. 

Criticising the administration’s economic management, Nasheed recalled that the government had pledged during its campaign to restructure debt inherited from the previous administration and ease burdens on the public. Instead, he argued, citizens have faced growing hardship as access to foreign currency continues to deteriorate.

The Ministry of Finance confirmed that the debt facility, which was initially taken out by the previous MDP government for budget support from State Bank of India (SBI), was paid off in several stages. Under this repayment structure, the present administration settled a USD 50 million tranche in January 2024, followed by a second USD 50 million disbursement on May 11 of this year.

Finance officials stated that the final USD 50 million payment made today, on its due date, officially concludes the arrangement. Settling this remaining amount brings the full USD 150 million Treasury bill facility to complete resolution.

T-Bill dhahkaan jehunee roll-over nukurevuneema. Dhekkee athujeheyn huri hurihaa dollar eh beynun kohgen. Natheejaa akee Raajjjeyge igthisodhugai dhauruvaa hurihaa dollar eh husvun. Mi ee aiyjahaa, siyaasee point hoadhaan vee kameh noon.

Mihaaru BML ga ves dollar eh neiy.…— Mohamed Nasheed (@MohamedNasheed) September 17, 2026