Gov't extends support in putting a stop to black market dollar exchange

Maldives Monetary Authority (MMA) stated that they have received the support of the government in bringing a stop to dollar exchange in the black market.

In the press conference held on Sunday by MMA, Deputy Governor of MMA, Ahmed Imad, stated that the regulatory framework of the exchange market is being altered as the issue of dollar exchange in the black market has gone above and beyond. He affirmed that relevant authorities within the government have discussed the matter and extended their full support.

The deputy governor further stated that the matter is being discussed with international agencies as well, to ensure that the modifications brought to the regulatory do not bring up additional problems.

Furthermore, he affirmed that the way this change will impact businessmen are being researched and informed that the businessmen’s perspectives on the matter are being considered.

Imad stated that the actions being taken against the black market will not only benefit businessmen, but the people of the nation as well. A plan has been put in motion and all information will soon be publicized, said Imad.

Although dollar exchange was taking place through the black market in the past, due to the pandemic, the issue has gone out of control and whilst MMA has announced that they plan on bringing changes and taking action, they have not revealed the specifics.