Mayor Adam Azim has raised alarm over the surging dollar rate, warning that the rising exchange rate is undermining the economic well-being of the general public.
The US dollar is now trading at MVR 20.20 in the black market — the highest rate recorded so far.
In a post on X, Azim noted that businesses are struggling under the pressure of the appreciated dollar and that public prosperity has significantly declined.
Azim criticized the government’s fiscal and monetary policies, stating that they show no practical measures to address the suffering of the people. He warned that without immediate corrective steps, the Maldives risks falling into economic collapse.
He added that such a scenario would lead to national bankruptcy, loss of economic sovereignty, and increasing impoverishment of the population.
The US dollar is now trading at MVR 20.20 in the black market — the highest rate recorded so far.
In a post on X, Azim noted that businesses are struggling under the pressure of the appreciated dollar and that public prosperity has significantly declined.
Azim criticized the government’s fiscal and monetary policies, stating that they show no practical measures to address the suffering of the people. He warned that without immediate corrective steps, the Maldives risks falling into economic collapse.
He added that such a scenario would lead to national bankruptcy, loss of economic sovereignty, and increasing impoverishment of the population.
