Committee Amended Foreign Exchange Bill Without Consulting Technical Experts: Shamheed
20 އޯގަސްޓު 2026 | ބުރާސްފަތި 12:05The proposed amendments to the Foreign Exchange Act, which seek to impose heavy fines on media outlets reporting black market dollar rates, have drawn sharp criticism for being a direct threat to press freedom. Concerns have been raised that these changes could further restrict dollar availability for businesses and drive up the cost of living, while MP Shamheed noted that the amendments were passed without adequate technical consultation.
Deadline set for the review of the bill to amend Law No. 32/2024 (Foreign Exchange Act) as committee stage begins. | Majilis
Dr. Ahmed Shamheed, the Member of Parliament for South Hulhumalé, has stated that the Public Accounts Committee did not seek any expert advice before approving amendments to the Foreign Exchange Act, which include imposing heavy fines on media outlets that publish black market dollar rates.
In a post on X, Dr. Shamheed stated that his decision to vote against the bill was based on two primary reasons. He noted that while the bill's intended purpose is to stabilize the value of the dollar, the concerns inherent within the legislation remain significant.
Shamheed stated that the primary reason he did not vote for the bill was because it conflicts with the freedom of expression and freedom of the press as explicitly guaranteed under Articles 27 and 28 of the Constitution.
He described the potential for media outlets to face heavy fines for disseminating information as a significant challenge to press freedom.
Furthermore, Shamheed highlighted as a second concern that this law could further exacerbate the dollar shortage, raising fears that ordinary businesses may lose all access to foreign currency.
He warned that this could result in business bankruptcies and potentially lead to a complete halt in the importation of certain essential commodities to the Maldives. Shamheed further noted the looming risk of market prices skyrocketing to unprecedented levels as a consequence.
Criticizing the bill as passed by the parliamentary committee, Shamheed stated that no expert consultation was sought during the review stage. He highlighted that passing a bill with such significant economic implications without professional input is a matter of serious concern.
The Parliament's Public Accounts Committee has amended the Foreign Exchange Bill to criminalize the advertisement or promotion of foreign currency exchange rates that deviate from those set by the Maldives Monetary Authority (MMA). Under the new amendment, using digital platforms or any other means to publicly disseminate or encourage such unauthorized rates will be considered an offense, punishable by fines of up to half a million Rufiyaa.
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 promotion and advertising of such information is defined as the public disclosure, publication, dissemination, or repeated distribution of foreign 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 broadcast rates for buying and selling foreign currency outside the regulated framework.
The legislation also mandates that individuals found guilty of such offenses be subject to fines ranging from MVR 25,000 to MVR 500,000.
Journalists and opposition figures are expressing growing concern over the proposed amendments to the Foreign Exchange Act. Many believe that criminalizing the reporting of market exchange rates and imposing heavy fines for such disclosures constitutes a direct infringement on the fundamental right to seek and disseminate information.
