Economic Minister Ahmed Saeed has disclosed that the recent decision by Bank of Maldives (BML) to halt dollar services and restrict foreign transactions was contrary to the directives given by President Dr. Mohammed Muizzu.

During a press conference at the President’s Office, Minister Saeed revealed that President Muizzu had specifically instructed him not to enforce the bank’s decision, citing concerns over its impact on students and those involved in import businesses. The President's directive aimed to prevent undue restrictions on individuals reliant on dollar transactions for education and trade.

Minister Saeed emphasized that the Maldives, heavily dependent on imports and reliant on U.S. dollars for 90 percent of its trade, cannot afford to impose limitations on online transactions using debit and credit cards.

The minister noted that the changes were not in alignment with the government’s stance and had been addressed directly with stakeholders by President Muizzu. Saeed’s remarks underline a significant disconnect between the bank’s policies and the government’s approach to managing the country’s foreign exchange challenges.