The Maldives Trade Association has appealed to Maldives Ports Ltd to reconsider a US dollar-based fee structure for shipping vessels set to take effect in April, warning of price pressures amid a shortage of US dollars. MPL's CEO said the change would end ship agents' black-market dollar transactions and would not affect consumers or import prices.
Tracked between MVR 17 and 18 Street dollar rate
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
Amid economic adversity, particularly given the current scarcity of US dollars, this decision is ill-timed. We implore the management of MPL to retract this decision.
These transactions culminate in an annual total of US$ 30 million. The necessity for this transformation is imperative
However, Ibrahim reassured stakeholders that this transition would not impact consumers or influence the prices of imported goods.
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These agents have been engaging in transactions involving the sale of US dollars at black market rates, fluctuating between MVR 17 and 18
Word for word from the report in Maldives Republic. Open the report
and subsequently remitting payments to MPL at the official exchange rate of MVR 15.42, Ibrahim said.
Word for word from the report in Maldives Republic. Open the report
These transactions culminate in an annual total of US$ 30 million.
Word for word from the report in Maldives Republic. Open the report
MPL’s Chief Executive Officer, Mohamed Wajeeh Ibrahim, announced the decision to shift to a US dollar-based fee structure during a recent press briefing.
Word for word from the report in Maldives Republic. Open the report