MDP requests Parliament to summon MMA Governor over worsening foreign exchange crisis
11 އޯގަސްޓު 2026 | އަންގާރަ 18:21The Maldivian Democratic Party (MDP) has expressed grave concern over the 27 percent surge in the dollar exchange rate, which has seen the black market rate climb above MVR 22. In response to the crisis, the party has requested that the Governor of the Maldives Monetary Authority (MMA) be summoned to Parliament to clarify whether the sharp depreciation of the local currency is a direct consequence of the government's current economic policies.
Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar. | Social Media
The Maldivian Democratic Party (MDP) has requested the Parliament's Public Accounts Committee to summon the Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar, over the deteriorating foreign exchange rate situation in the country.
In a letter addressed to the Speaker of Parliament and shared on social media platform X on Tuesday, the Maldivian Democratic Party (MDP) highlighted that the exchange rate for the US Dollar has surged by 27 percent between July 2024 and the present. The party further noted that the public is now forced to spend an additional MVR 6,680 beyond the standard rate to acquire US Dollars.
Furthermore, the letter highlights concerns that if the cost of living continues to rise rapidly, the spending power of families will be significantly diminished.
The Maldivian Democratic Party (MDP) stated that despite a fixed foreign exchange rate in the Maldives, a parallel foreign exchange market continues to operate openly. The party expressed its disbelief that the Maldives Monetary Authority (MMA) remains unaware of this situation, asserting in its letter that the central bank undoubtedly possesses comprehensive information regarding these activities.
The Maldivian Democratic Party (MDP) has noted that maintaining the value of the Maldivian Rufiyaa, as well as regulating and monitoring the foreign exchange framework and system, is the responsibility of the central bank.
Furthermore, the letter questioned why the dollar market rate continues to rise if the Maldives Monetary Authority (MMA) is indeed taking adequate measures. It also raised concerns regarding why an extensive dollar black market persists in the Maldives if foreign exchange transactions are being properly regulated. The letter further inquired who would be held accountable if measures taken to address these issues have failed.
The Maldivian Democratic Party (MDP) has called for transparency, demanding the government clarify if the current dollar shortage is a direct result of its policies. The opposition party further asserted that the government must remain accountable for its economic policies. Additionally, they called on the Governor of the central bank to be answerable for the institution's performance and actions during this crisis.
The letter further stated that this is not a sudden issue, noting that the difficulties faced by the public due to the dollar shortage are well known to the members of Parliament.
The MDP has called for a comprehensive investigation into the matter, urging the Public Accounts Committee to take the lead in ensuring transparency by questioning the relevant authorities and taking swift action.
The black market exchange rate for the US dollar in the Maldives has surged past 22 Rufiyaa. As a result, the prices of essential goods have risen by six percent.
