President Muizzu fails to provide a specific date for ending USD black market, nor could he outline a definitive solution to resolve issue
27 އޯގަސްޓު 2026 | ބުރާސްފަތި 09:25While President Dr. Muizzu declined to provide a specific timeline for ending the dollar black market, recent legislative changes have criminalized the advertising and sale of foreign currency above the official Maldives Monetary Authority (MMA) rate, carrying heavy fines. Addressing the issue, the President emphasized that rather than setting a fixed date, the focus remains on achieving a sustainable long-term solution through these new regulatory measures.
President Muizzu attends National Day flag-hoisting ceremony. | President's Office
When asked when the dollar black market in the Maldives would be eliminated, President Dr. Mohamed Muizzu declined to provide a specific date, stating only that "God willing, significant progress will be made."
When asked about the public's primary concern regarding the black market and when it would finally be eliminated, President Muizzu failed to provide a direct answer to the question.
"Rather than providing a specific date, I believe what we can say is that, God willing, we will see positive progress," President Muizzu said.
President Muizzu stated that the black market did not emerge overnight, nor is it a recent development.
Speaking on the government broadcaster PSM’s "Nation Chat" program on Wednesday night, he avoided giving a direct answer to the question, repeatedly stating instead, "God willing, the outcome of this will be positive."
While President Muizzu has hesitated to provide a specific timeline for ending the black market, it is noteworthy that the Parliament—currently under his administration's full control—has passed the Foreign Exchange Act. This legislation criminalizes the advertising and sale of dollars at rates that deviate from those officially set by the Maldives Monetary Authority (MMA).
Under the current law, all foreign exchange transactions must be conducted at rates or within bands determined and published by the Maldives Monetary Authority (MMA). Selling foreign currency, or attempting to do so, at rates exceeding these official limits is strictly prohibited. The law further stipulates that any individual found selling or attempting to sell foreign currency in violation of the MMA’s established rates will be subject to a fine. Depending on the severity of the offense, penalties range from MVR 25,000 to MVR 1 million.
Promoting foreign currency exchange at rates exceeding those set by the Maldives Monetary Authority (MMA) has been established as a criminal offense. According to the regulations, it is illegal for any party to advertise or promote exchange rates or prices for foreign currency transactions that are higher than the official rates or outside the exchange rate bands officially determined and published by the MMA. The definition of advertising and promotion in this context includes the disclosure, publication, dissemination, repetition, or distribution of information through digital tools, platforms, or any other means to the public. This applies to any actions intended to advertise, encourage, or facilitate the buying and selling of foreign currency at rates exceeding the limits mandated by the MMA.
The penalty prescribed for this offense is a fine ranging between MVR 25,000 and MVR 500,000. Furthermore, the law stipulates that if a legal entity is involved in the advertising, buying, or selling of foreign currency at rates that contravene those set by the Maldives Monetary Authority (MMA), such entity shall be subject to a fine between MVR 100,000 and MVR 5 million.
Despite the introduction of legal amendments carrying heavy penalties, President Muizzu was unable to guarantee an end to the dollar black market or ensure that the US dollar would be available in the Maldives exclusively at the official exchange rate.
