Govt rejects claims of MACL dollars being sold on black market

The government has denied allegations that US dollars generated by Maldives Airports Company Limited (MACL) are being diverted to the black market after being exchanged at the official bank rate.

The allegations, which have circulated on social media in recent days, claim that foreign currency earned by the state-owned airport operator is converted at the official exchange rate of MVR 15.42 before being sold on the parallel market at rates exceeding MVR 20 per US dollar.

The claims have also alleged that individuals linked to the ruling People's National Congress (PNC) are involved and that proceeds from the transactions are used to finance party activities.

The issue was raised during Saturday's Press with Spokes programme, broadcast live on PSM, when Dhauru asked Government Spokesperson Mohamed Hussain Shareef about the allegations.

Responding to the question, Shareef rejected the claims.

"That is a lie," he said, adding that no formal complaints or reports had been submitted regarding the matter.

He said the Maldives has institutions responsible for investigating allegations of wrongdoing and urged anyone with evidence to report the matter to the relevant authorities.

When questioned further, Shareef said he had not previously encountered the allegations.

"I have never encountered this information before, not even as a rumour. I am a Vice President of the PNC. I do not do this. And I know for a fact that our party's President, Mohamed Muizzu, would never engage in this. If it were within our power, we would never allow such a window of opportunity to exist," he said.

He added that such conduct would be unacceptable regardless of who was involved.

"This is fundamentally wrong. Whether it involves the PNC or any other combination of letters from the alphabet, doing this is an absolute wrongdoing," Shareef said.

Asked about measures to address the rising parallel market exchange rate for the US dollar, Shareef said the government and the Maldives Monetary Authority (MMA) were implementing a number of measures.

According to the spokesperson, these include increasing foreign currency inflows, improving the use of available foreign exchange resources, introducing monetary interventions through the MMA, and strengthening oversight of businesses licensed to exchange foreign currency.