MDP Seeks Urgent Meeting With Central Bank Governor as Dollar Hits Record High

The main opposition Maldivian Democratic Party (MDP) parliamentary group has formally requested a meeting with the Governor of the Maldives Monetary Authority (MMA) over concerns about the country's worsening dollar shortage and growing black market influence. In a letter signed by North Galolhu MP Mohamed Ibrahim, the group alleged that the Foreign Exchange Act, effective from 1 Jan, has not been implemented fairly and has formalized a black market for US dollars. The black market rate hit a record MVR 20.20, surpassing the 2020 pandemic peak, while the official rate is MVR 15.42. The group warned that the crisis could force businesses to halt operations. Critics blame a regulation requiring resorts to convert 20% of foreign currency earnings into Rufiyaa for the crisis. President Mohamed Muizzu and Economic Minister Mohamed Saeed have given assurances that the exchange rate will stabilize.

The main opposition Maldivian Democratic Party (MDP) parliamentary group has formally requested a meeting with the Governor of the Maldives Monetary Authority (MMA) over concerns about the country's worsening dollar shortage and growing black market influence. In a letter signed by North Galolhu MP Mohamed Ibrahim, the group alleged that the Foreign Exchange Act, effective from 1 Jan, has not been implemented fairly and has formalized a black market for US dollars. The black market rate hit a record MVR 20.20, surpassing the 2020 pandemic peak, while the official rate is MVR 15.42. The group warned that the crisis could force businesses to halt operations. Critics blame a regulation requiring resorts to convert 20% of foreign currency earnings into Rufiyaa for the crisis. President Mohamed Muizzu and Economic Minister Mohamed Saeed have given assurances that the exchange rate will stabilize.

The main opposition Maldivian Democratic Party (MDP) parliamentary group has formally requested a meeting with the Governor of the Maldives Monetary Authority (MMA) over concerns about the country's worsening dollar shortage and growing black market influence. In a letter signed by North Galolhu MP Mohamed Ibrahim, the group alleged that the Foreign Exchange Act, effective from 1 Jan, has not been implemented fairly and has formalized a black market for US dollars. The black market rate hit a record MVR 20.20, surpassing the 2020 pandemic peak, while the official rate is MVR 15.42. The group warned that the crisis could force businesses to halt operations. Critics blame a regulation requiring resorts to convert 20% of foreign currency earnings into Rufiyaa for the crisis. President Mohamed Muizzu and Economic Minister Mohamed Saeed have given assurances that the exchange rate will stabilize.

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