Black Market USD Rate Set to Worsen Under New Resort Currency Rule: Ameer
15 އޯގަސްޓު 2026 | ހޮނިހިރު 09:29Former Finance Minister Ameer has warned that the mandatory requirement for resorts to exchange 20 percent of their foreign currency earnings will further exacerbate black market dollar rates. He noted that this decision would hinder resort imports and increase the potential for the policy to be exploited, emphasizing that implementing fiscal reforms should be the primary step toward resolving the country's dollar crisis.
Former Finance Minister Ibrahim Ameer speaking during a talk show on RaajjeTV. | RaajjeMV
Former Finance Minister Ibrahim Ameer has warned that the government's proposed regulation requiring resorts to exchange 20 percent of their monthly foreign currency earnings will further destabilize the dollar rate on the black market.
Speaking on RaajjeTV’s "TV Talk" program, Ameer stated that the dollar shortage will remain unresolved even if the current requirement to exchange $500 per tourist is replaced with a mandatory 20 percent exchange of total monthly resort revenue.
Highlighting the potential for the black market exchange rate to worsen, Ameer noted that the new requirement for resorts to exchange 20 percent of their foreign currency earnings would significantly increase the financial burden on ultra-high-end resorts, forcing them to exchange far more than the previous flat rate of $500 per guest.
Furthermore, Ameer stated that the plan to divert private sector dollars to the Maldives Monetary Authority (MMA) would exacerbate black market rates by impacting resort imports. He warned that this would likely lead to individuals exploiting loopholes and seeking alternative ways to circumvent the system.
For instance, we will see people attempting to exploit loopholes through various clever tactics. Take the 20 percent requirement, for example. If we mandate a fixed amount, such as $500 per person, we can easily verify arrivals through immigration statistics. It would be very clear. However, by setting a 20 percent requirement, people will find ingenious ways to circumvent it. Therefore, I believe this proposed change by the government will only lead to further pressure on the black market exchange rate.Ibrahim Ameer
Furthermore, Ameer stated that everyone acknowledges the necessity of implementing changes to the Maldives' economic policies. However, he emphasized that fiscal reforms must be introduced first, alongside the further strengthening of the Maldives Monetary Authority (MMA). Ameer also noted that managing these challenges would be difficult if the MMA maintains only $100 million to $200 million in its usable reserves.
