MDP figures criticise restrictions on reporting of forex rates

Senior figures from the opposition Maldivian Democratic Party (MDP) have criticised a proposed amendment to the Foreign Exchange Bill that would impose penalties for promoting or publishing information relating to foreign currency transactions conducted outside rates set by the Maldives Monetary Authority (MMA).

The criticism follows a decision by the Parliamentary Public Accounts Committee on Wednesday to approve amendments that would make it an offence to advertise or promote foreign currency transactions conducted at rates higher than those permitted by the central bank.

Under the proposed amendment, individuals found in violation could face fines ranging from MVR 25,000 to MVR 500,000.

Where such information is published by a company or registered business, the penalties would range from MVR 100,000 to MVR 5 million.

Opposition members on the committee objected to the amendment during deliberations, arguing that it could affect media reporting and freedom of expression.

Former President and MDP Chairperson Mohamed Nasheed said the proposal was concerning and described it as an attempt to penalise those reporting information of public interest.

Writing on X, Nasheed said rising foreign exchange rates were contributing to increases in the cost of living.

“As the price of the dollar rises daily, the cost of living is also increasing,” he said.

“At this juncture, by bringing daily changes to foreign exchange laws and regulations, the Maldivian government seems to be acting in the dark. Such abrupt changes undermine market confidence and worsen the situation.”

Former President Ibrahim Mohamed Solih also criticised the amendment, arguing that journalists have a responsibility to report matters affecting the public.

“If the price of the dollar goes up, that must be revealed. If the price of the dollar goes down, that too must be revealed. Passing a law that obstructs journalism yields no benefit whatsoever,” Solih wrote on X.

Former Foreign Minister Abdulla Shahid, who recently stepped down as MDP president, said citizens have the right to discuss developments affecting the economy and foreign exchange markets.

He argued that policy challenges should be addressed through transparency and public engagement rather than restrictions on discussion.

Former Vice President Faisal Naseem also voiced concern, stating that the public has a right to be informed about developments relating to foreign exchange and the economy.

Naseem called for the proposed amendment to be withdrawn, arguing that it conflicted with constitutional protections.

Former Economic Minister Faiyaz Ismail similarly criticised the proposal, saying economic issues should be addressed through policy measures rather than restrictions on public discussion.

“Maldivians will talk about these things; newspapers will write about them,” Faiyaz said.

“Instead of solving the problem, the government always attempts to silence the public.”

The amendment forms part of broader changes to the Foreign Exchange Bill currently under consideration by parliament.

According to the committee-approved text, promoting or advertising foreign currency transactions includes publishing, disclosing, disseminating or repeatedly sharing information regarding exchange rates outside those established by the MMA.

The bill is expected to return to parliament for further debate and consideration.