MDP MPs seek meeting with governor over dollar concerns
The request was made in a letter sent by the MDP’s parliamentary group leader.
The Maldivian Democratic Party (MDP) parliamentary group has requested a meeting with the Governor of the Maldives Monetary Authority (MMA) Ahmed Munawwar to discuss concerns related to the recent appreciation of the US dollar following amendments to the Foreign Exchange Act.
The request was made in a letter sent by the MDP’s parliamentary group leader. The letter highlights that although the amended Foreign Exchange Act came into force earlier this year, a black market for dollars has emerged, citing gaps in the implementation of the new regulations.
According to the MDP, changes introduced in June raised the required percentage of dollars from tourism and dollar-denominated businesses to be deposited in banks from 60% to 90%. The group argues that this adjustment has made it more difficult for traders to access dollars needed for importing goods.
The letter outlines several issues arising from the current situation:
-
Limited access to dollars is disrupting business operations.
-
Abrupt policy changes in foreign exchange regulation are creating uncertainty.
-
Individuals living or travelling abroad are facing difficulties in accessing foreign currency.
-
Price levels for goods and services are rising as a result of dollar shortages.
-
Traders are halting imports, causing shortages of basic commodities and food items.
The letter concludes with a formal request to meet with the Governor of the MMA to discuss these matters urgently.
Related
Related
MPs call on governor Hashim to drop out like US president Biden
MPs allege politicised MMA; warns over fiscal system errors
Parliament asks PG Shameem to respond to dismissal motion
