News Desk
Opposition party MDP has called on Majlis to summon Maldives Monetary Authority (MMA) Governor Ahmed Munawar, citing a total breakdown in the country’s foreign exchange market as black market dollar rates hit MVR 22.10.
In a letter sent to Speaker of Majlis Abdul Raheem Abdulla, Chair of MDP’s Macroeconomic Committee Hussain Amr warned that the dollar shortage is spiraling out of control. He urged the Public Accounts Committee to bring the governor in for immediate questioning.
The letter pointed out that local dollar rates have jumped by 27 percent over the last two and a half years. Back in July 2024, a dollar traded at MVR 17.40, but today buyers are paying MVR 22.10 on the black market.
MDP stressed that the soaring exchange rate isn’t just a headache for banks and money changers—it is hitting every single household through rising living costs.
While the official exchange rate remains fixed, a massive black market is operating right out in the open, the party noted.
“We don’t believe for a second that MMA is in the dark about this. They definitely have full visibility,” the letter read.
MDP raised several key questions for the governor to answer in Majlis:
- Why has such a massive gap opened up between the official exchange rate and the black market rate?
- How did the dollar rate jump from MVR 17.40 in July 2024 to MVR 22.10 today?
- What action is being taken against illegal money changers, and why is the black market allowed to run rampant in broad daylight?
- What is the central bank’s actual plan to stabilize the market and make dollars available at official rates, and when will it kick in?
