People's National Congress (PNC) Parliamentary Group Leader and Inguraidhoo Member of Parliament Ibrahim Falah has said access to foreign currency for essential needs is now more accessible through the banking system than ever before.

Speaking to MMTV, MP Falah rejected opposition claims by the Maldivian Democratic Party (MDP) that the public continues to face difficulties obtaining US dollars. He said banks are now providing foreign currency at the official exchange rate for a wide range of essential purposes.

MP Falah noted that patients travelling overseas for treatment under Aasandha and the National Social Protection Agency (NSPA) can receive up to USD 1,000 at the official bank rate of MVR 15.42 per US dollar. He added that banks also provide US dollars at the official rate for Umrah and Hajj pilgrims, as well as students pursuing their studies abroad.

He further said travellers can use debit and credit cards for overseas transactions of up to USD 3,000.

"There has never been a time when ordinary citizens have had easier access to US dollars at the official bank rate than they do today," MP Falah said.

Addressing businesses, MP Falah said banks now finance up to 20 per cent of the foreign currency required for import shipments, reducing the amount importers need to purchase from the parallel market, where the exchange rate is around MVR 18 per US dollar.

He also attributed the country's foreign exchange challenges to policies implemented during the MDP administration. He alleged that the previous government printed MVR 8 billion, depleted the Sovereign Development Fund to around USD 2 million, and accumulated significant debt without demonstrating how the borrowed funds had delivered tangible benefits.