MDP MPs seek meeting with MMA governor over dollar shortage
At the time the request was made, the black market exchange rate for the US dollar had risen to MVR 21.
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The opposition Maldivian Democratic Party (MDP) Parliamentary Group has requested a meeting with Maldives Monetary Authority (MMA) Governor Ahmed Munawwar to discuss developments in the foreign exchange market and the impact of the dollar shortage.
The request was made in a letter sent by the Parliamentary Group's Secretary General and Galolhu North MP Mohamed Ibrahim.
According to the letter, the meeting is intended to discuss changes in the foreign exchange market and concerns related to the implementation of monetary policy.
The Parliamentary Group said it wishes to discuss:
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The impact of investment schemes introduced by the Bank of Maldives (BML) on the country's foreign exchange market and their possible effect on the black market exchange rate.
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The challenges faced by students studying abroad and people travelling overseas for medical treatment because of foreign currency limits on cards issued by BML and other banks.
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Difficulties faced by importers due to the increase in the black market exchange rate, the shortage of US dollars and the resulting increase in the prices of imported goods.
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Concerns regarding the independence of the MMA, noting that while the authority is mandated under the Maldives Monetary Authority Act to determine monetary policy, related policy decisions have been announced by government political figures.
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Measures being taken by the MMA to address the dollar shortage affecting businesses, the public and the wider economy, and how Parliament could support those efforts.
The MDP Parliamentary Group said foreign exchange issues have a direct impact on the daily lives of citizens and the country's economic stability.
The group has requested that the governor meet with its members during the coming week.
At the time the request was made, the black market exchange rate for the US dollar had risen to MVR 21.
