Former President Mohamed Nasheed has criticised the government’s economic management, warning that the value of the US dollar continues to skyrocket while everyday citizens and local businesses face severe dollar shortages. He highlighted that despite having local currency (MVR) in bank accounts, individuals are unable to convert it to dollars, leaving families funding overseas education and local entrepreneurs in extreme financial hardship.

Nasheed declared that all government policies aimed at acquiring foreign exchange have failed, asserting that the country narrowly avoided sovereign default this month only because India agreed to extend the repayment period for its currency swap agreement.

Taking a direct swipe at the current diplomatic itinerary, Nasheed questioned the government’s economic strategy as President Dr. Mohamed Muizzu undertakes an official visit to Pakistan amid the lingering financial crisis at home.