Parliament dismisses motion on dollar transaction rules

Parliament on Tuesday dismissed an emergency motion seeking amendments to the rules governing foreign exchange and foreign currency transactions.

The motion was presented by Kendhoo constituency MP Mauroof Zakir from the Maldivian Democratic Party (MDP).

A total of 29 members voted against the motion, while 11 members voted in favour. Among those who supported the motion were 10 MDP members and one member from the People’s National Congress (PNC), Ahmed Riyaz. Three PNC members who were present did not participate in the vote.

MP Mauroof raised concerns regarding recent policy changes introduced by the government and the Bank of Maldives (BML), which he said had made it more difficult to access US dollars. He noted that these measures had resulted in an increase in the exchange rate and affected those living and travelling abroad.

BML on Monday revised its foreign transaction policy. Key changes include:

According to BML, these six websites account for nearly one-third of all foreign e-commerce transactions made from the Maldives. The bank stated that approximately USD 45 million is remitted abroad each month to support foreign businesses, with about 75% of that amount going to online platforms. Temu alone is responsible for approximately USD 7 million in monthly transactions.

MP Mauroof said that the policy changes could lead to higher costs for essential goods and services, making some items less accessible. He argued that the issue warranted urgent parliamentary attention as it directly affected the public.

BML has stated that the changes are intended to balance foreign currency distribution and prioritise access for essential and widespread uses.