Fining and penalizing those who discuss black market USD rates is not the solution to the issue: Amru
22 އޯގަސްޓު 2026 | ހޮނިހިރު 11:19Former STO Managing Director Hussain Amru has stated that criminalizing the publication of dollar exchange rates and imposing heavy fines is not a viable solution to the country's economic challenges. He noted that such measures would only strengthen the black market and drive up the price of the dollar, characterizing the move as self-deception rather than a genuine effort to address the underlying issues.
Former STO Managing Director Hussain Amru speaking during RaajjeTV's "Fala Surukhee" program. | Raajje MV
Former Managing Director of STO, Hussain Amru, has stated that fining and penalizing individuals for discussing black market dollar rates is not a viable solution to the issue.
Speaking on RaajjeTV’s "Fala Surukhee" program, Amru stated that passing laws that penalize citizens for fluctuations in dollar rates or economic shifts is not a standard practice globally. He emphasized that this is an issue deeply intertwined with the welfare of the general public.
Amru stated that the cost of living is directly linked to the dollar exchange rate. Consequently, he noted that any fluctuation in the exchange rate forces citizens to spend more out of their own pockets. Furthermore, Amru emphasized that the government is well aware of the reasons behind the rising value of the dollar. He argued that penalizing those who speak out about the appreciation of the dollar, rather than seeking a viable solution, is not the answer.
In situations like this, I view it as banning weather reporting simply because the weather is bad. It is like throwing away the scale because you do not like your weight, or covering the thermometer to hide a fever. It is akin to removing the batteries from a fire alarm once it starts ringing. This does not provide a solution; the problem remains exactly as it was, and you are merely deceiving yourself by hiding it.Hussain Amru
Amru noted that while selling dollars on the black market is prohibited, even President Dr. Mohamed Muizzu has acknowledged that State-Owned Enterprises (SOEs) procure dollars from the parallel market. He warned that imposing heavy fines on citizens and banning discussions regarding exchange rates would only drive the black market further "underground." Amru cautioned that such measures would ultimately lead to an even greater increase in the price of the dollar.
The Parliament's Public Accounts Committee has proposed an amendment to the Foreign Exchange Bill, criminalizing the advertisement or promotion of currency exchange rates that deviate from the official rates set by the Maldives Monetary Authority (MMA). Under the proposed changes, disseminating such information via digital platforms or any other public medium would be a punishable offense. The amendment further stipulates that individuals or entities found guilty of promoting or facilitating these unauthorized exchange rates could face fines of up to half a million Rufiyaa.
