Economic challenges facing Maldives cannot be resolved simply by amending a few letters in a law: Meekail

The Member of Parliament for Galolhu South, Meekail Ahmed Naseem, has stated that the economic challenges facing the Maldives and the issue of the black market dollar trade cannot be resolved simply by codifying words into law.

During the debate on the Public Accounts Committee's report regarding the proposed amendments to the Foreign Exchange Act, Meekail stated that it is regrettable to see the Parliament passing such nonsensical amendments solely to deceive the public.

Meekail stated that the value of the dollar will not decrease unless the wasteful expenditure of public funds is brought to an end.

Highlighting the decision to pay Maldivian resort workers—who work away from their families—in Maldivian Rufiyaa instead of US Dollars, Meekail stated that while the government is attempting to seize the dollars earned by tourism sector employees, the exchange rate will remain high for the general public.

Furthermore, Meekail stated that the Parliament continues to vote on appointing numerous individuals to embassies where salaries are paid in US dollars. He called for immediate action to be taken against this practice.

Highlighting the fact that the ministers were unable to answer even a single question during their press conference, Meekail stated that they lacked the courage to admit that state-owned enterprises are purchasing dollars from the black market.

Despite holding high-profile press conferences featuring the Governor, the Finance Minister, and a succession of other top officials, they lacked the courage to answer a single, simple question posed by a journalist. They could not bring themselves to admit that State-Owned Enterprises (SOEs) are actively purchasing dollars on the black market. Under the guise of the so-called "parallel market," millions of rufiyaa belonging to the Maldivian people are being funneled into the black market daily. This practice continues solely to facilitate kickbacks, yet officials refuse to acknowledge that SOEs are driving this illicit trade with public funds.

Meekail Ahmed Naseem

Meekail stated that if the Maldivian economy were to collapse entirely, the resulting hardships would be borne by all Maldivian citizens.

On August 19, 2026, the Parliament's Public Accounts Committee amended the Foreign Exchange Bill to impose fines of up to half a million Rufiyaa on any party found trading foreign currency at rates outside those mandated by the Maldives Monetary Authority (MMA).