MMA is an extension of President's Office; foreign exchange issues cannot be resolved through legislation: Shamheed
26 އޯގަސްޓު 2026 | ބުދަ 09:50Member of Parliament Shamheed stated that the foreign exchange crisis cannot be resolved through legislation alone, arguing that instead of mandating resorts to convert 40 percent of their dollar earnings, the government should facilitate tax payments in Maldivian Rufiyaa. Furthermore, the MP criticized the Maldives Monetary Authority, claiming it has lost its independence and is now operating under the direct influence of the President's Office.
Dr. Ahmed Shamheed, the Member of Parliament for the South Hulhumalé constituency, delivering his remarks on the floor. | Majlis
Dr. Ahmed Shamheed, the Member of Parliament for the South Hulhumalé constituency, has stated that the Maldives Monetary Authority (MMA) is being operated as an extension of the President's Office, asserting that the nation's foreign exchange crisis cannot be resolved simply through legislative action.
Speaking at Wednesday's People's Majlis sitting, MP Shamheed expressed concern regarding the proposed amendments to the Foreign Exchange Act, highlighting that members were not granted sufficient time to review the changes thoroughly.
Highlighting that the foreign exchange crisis cannot be resolved through legal mandates alone, MP Shamheed stated that he had warned the Governor of the Maldives Monetary Authority (MMA) on the very day Law No. 30/2024 (Foreign Exchange Act) was enacted that it would drive the dollar rate up to 23 Rufiyaa. MP Shamheed further noted that countries such as Nigeria, Zimbabwe, Lebanon, and Argentina had previously attempted to address similar issues by criminalizing exchange activities, yet none had succeeded in finding a solution through such measures.
Furthermore, MP Shamheed stated that the Maldives Monetary Authority (MMA) is being operated as an extension of the President's Office, asserting that the Governor should not be holding press conferences at the President's Office. He remarked that the Governor appeared to be acting more like a cabinet minister.
"Honorable Speaker, the Governor of the MMA should not be holding press conferences at the President's Office. That alone demonstrates that the Governor is acting as a government official. Today, we saw the Governor of the MMA appearing as if he were a cabinet minister of this administration. Under such circumstances, how can we expect this issue to be resolved?"Dr. Ahmed Shamheed
MP Shamheed stated that the proposed legislative amendment is not intended to facilitate dollar access for the general public, but rather stems from the government's own failure to secure necessary foreign currency. He warned that if resorts are mandated to exchange 40 percent of their foreign currency earnings with the Maldives Monetary Authority (MMA), industry stakeholders may cease to comply with the law. He further emphasized that if the government requires a 40 percent exchange rate, it must first create demand for the local currency by allowing taxes such as TGST and land rent to be paid in Maldivian Rufiyaa. Without such measures, he asserted, the issue remains unsolvable.
