Authorities Urged to Act Against Foreign Currency Regulation Violators
19 އޯގަސްޓު 2026 | ބުދަ 09:03MP Ibrahim, has formally requested the Governor of the MMA to disclose the identities of resorts and guesthouses failing to comply with the new foreign exchange regulations regarding mandatory dollar conversions. In his letter, the MP questioned the central bank's reasons for withholding the names of non-compliant entities and sought clarification on the specific enforcement actions to be taken against them. He further emphasized that transparency and accountability from the MMA in such matters are essential to maintaining public confidence in the nation's financial system.
Mohamed Ibrahim (Kudu), the Member of Parliament for the North Galolhu constituency. | Majilis
Member of Parliament for North Galolhu, Mohamed Ibrahim (Kudu), has called for action against those who fail to comply with foreign exchange regulations regarding dollar conversion, and for their identities to be made public.
In a letter addressed to the Governor of the Maldives Monetary Authority (MMA), Ahmed Munawwar, the member noted that information recently released by the central bank indicates a significant number of guesthouses operating in the Maldives are failing to comply with legal requirements for foreign exchange conversion. The member further highlighted MMA’s disclosure that three specific resorts have completely failed to exchange any US dollars through the banking system, resulting in those establishments being penalized with fines.
Consequently, the Member has requested the Governor to provide answers to these concerns. In the letter, the Member posed four specific questions to the Governor.
The member inquired about the specific identities of guesthouses failing to comply with foreign exchange regulations, particularly highlighting resorts that have reportedly not exchanged any US dollars at all. Furthermore, the member questioned the reasons why the names of these establishments have been withheld from the public until now.
Furthermore, the member questioned what efforts have been made to date to recover these funds. He also inquired whether disclosing the identities of those negligent in matters of such significant public interest would serve as a catalyst for more effective regulatory enforcement.
The member stated that he is seeking to clarify what additional measures the Maldives Monetary Authority (MMA) intends to take, beyond the current fines, to ensure that entities failing to exchange dollars are brought into legal compliance.
The member stated that conducting efforts to strengthen the Maldives' financial system in a transparent and accountable manner is essential to enhancing and solidifying public confidence in the Maldives Monetary Authority (MMA).
