MDP MPs enter MMA over dollar shortage concerns
The visit follows a letter submitted by the MDP to the Governor on Wednesday requesting a meeting to address these issues.
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Members of the Maldivian Democratic Party (MDP) parliamentary group entered the Maldives Monetary Authority (MMA) on Monday to seek a meeting with Governor Ahmed Munawwar regarding the appreciation of the US dollar and challenges faced by the public and businesses in acquiring foreign currency.
The visit follows a letter submitted by the MDP to the Governor on Wednesday requesting a meeting to address these issues. The party stated that no response had been received, prompting the MPs to go directly to the MMA headquarters.
In a post shared on social media, the MDP said its parliamentary members entered the central bank to address what they described as the Governor’s continued silence on the appreciation of the dollar and his failure to respond to the letter. The party also raised concerns over the alleged use of state reserves for the Rasmale land reclamation project.
“The MDP parliamentary group is currently at the central bank to meet with the Governor over the ongoing dollar issue and the lack of response to our request for dialogue regarding the use of public reserves,” the statement said.
Galolhu South MP Meekail Ahmed Naseem expressed concern over reports suggesting that Governor Munawwar may be removed from office. He stated that Munawwar’s potential dismissal was linked to his reported refusal to use the state’s usable reserves for the Rasmale project.
MP Naseem warned that removing the Governor could further aggravate the foreign currency situation in the country.
In its letter, the MDP raised several concerns:
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Access to dollars has become increasingly difficult, impacting businesses and individuals.
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Amendments to the Foreign Exchange Act and changes to foreign exchange rules aimed at increasing government access to dollars are creating additional challenges in acquiring foreign currency.
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These difficulties are affecting Maldivians living abroad and those travelling overseas for education, healthcare, and other purposes.
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The shortage of dollars is contributing to price increases across goods and services.
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Importers are struggling to bring in essential goods due to a lack of foreign currency, leading to shortages and price hikes in basic commodities and food items.
The MDP has called for greater transparency and accountability from the MMA in managing foreign exchange reserves and urged that the economic consequences of policy decisions be thoroughly assessed.
