Reporting USD Rate Above or Below MVR 15.42 Prohibited; Black Market Reports Face MVR 500,000 Fine

The Parliament's Public Accounts Committee has amended the Foreign Exchange Bill to criminalize the advertising, promotion, or public dissemination of foreign currency exchange rates that deviate from the official rates set by the Maldives Monetary Authority (MMA). Under the new amendment, individuals or entities found using digital platforms or any other means to broadcast such unauthorized rates could face fines of up to half a million Rufiyaa.

During Wednesday's meeting, the Public Accounts Committee reviewed the Foreign Exchange Bill, which was submitted on behalf of the government by MP Abdul Sattar Mohamed, the People's National Congress (PNC) representative for the Holhudhoo constituency. The committee, where the ruling PNC holds a supermajority, proceeded to incorporate several amendments into the proposed legislation.

Accordingly, it has been resolved to criminalize the promotion and advertising of foreign currency exchange transactions conducted at rates exceeding the official exchange rate or the trading band established by the Maldives Monetary Authority (MMA).

The advertising and promotion of such information is defined as the public disclosure, publication, dissemination, or repeated distribution of foreign currency exchange rates that deviate from the official rates set by the Maldives Monetary Authority (MMA). This includes using digital platforms or any other means to advertise, encourage, or circulate information regarding the buying and selling of foreign currency at unauthorized rates.

The legislation also mandates that individuals found guilty of such an offense be subject to a fine ranging from MVR 25,000 to MVR 500,000.

More details to follow...