Public Accounts Committee holds closed-door meeting with MMA as economic situation deteriorates
17 އޯގަސްޓު 2026 | ހޯމަ 13:04The Maldivian Democratic Party (MDP) has requested that the Governor of the Maldives Monetary Authority be summoned before the Public Accounts Committee to address the country's foreign exchange market and economic situation, citing concerns over rising dollar rates and the emergence of a black market. Amid widespread criticism of the government's lack of transparency on these issues, the opposition emphasizes the urgent need to clarify the challenges faced in enforcing foreign exchange regulations.
From a previous meeting of the Parliament's Public Accounts Committee. | majlis
The Public Accounts Committee of the People’s Majlis has moved to a closed session for a briefing by the Maldives Monetary Authority (MMA) regarding the nation’s economic situation and the measures implemented under its monetary policy.
The reason why Sunday's meeting was held behind closed doors remains unknown.
The Maldivian Democratic Party (MDP) requested the Parliament's Public Accounts Committee on August 11, 2026, to summon the Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar, regarding the deteriorating foreign exchange rate situation in the country.
In this regard, the MDP has expressed concerns over the rising cost of living and the existence of an overt parallel foreign exchange market in the Maldives. The party further questioned why the market rate for the dollar continues to climb if the Maldives Monetary Authority (MMA) is indeed taking adequate measures.
Furthermore, Mohamed Ibrahim (Kudu), the Member of Parliament for the North Galolhu constituency, has proposed a meeting between the Governor of the Maldives Monetary Authority (MMA) and the MDP Parliamentary Group to address recent fluctuations in the foreign exchange market and the emergence of a black market for foreign currency.
Kudu stated that although the Foreign Exchange Act came into effect on January 1, 2025, systemic challenges in its implementation have led to the emergence of a black market.
Public concern is mounting over the foreign exchange crisis and the skyrocketing value of the dollar, which have triggered a surge in commodity prices and inflicted significant losses on businesses. Many are expressing frustration over the government's perceived lack of transparency regarding economic policies. Furthermore, the administration is facing heavy criticism for allegedly withholding essential information from the public, leading to widespread condemnation of its handling of the situation.
