Maldives Parliament committee approves fines for black-market rate reporting

The Maldives Parliament’s Finance Committee has approved amendments to the Foreign Exchange Currency Bill that introduce significant penalties for reporting or promoting black-market foreign currency rates. Under the proposed changes, media outlets and individuals found advertising or disseminating exchange rates that exceed the bands set by the Maldives Monetary Authority (MMA) could face fines ranging from MVR 25,000 to MVR 500,000.

Additionally, businesses that make black-market rates publicly available may be fined between MVR 100,000 and MVR 500,000, while those selling foreign currency above prescribed rates could face penalties of up to MVR 1 million. The amendments aim to curb the influence of informal dollar rates, which government officials claim are fueled by media headlines.

Opposition members of the Maldivian Democratic Party (MDP) have criticized the provisions, arguing they constitute a restriction on press freedom. Meanwhile, former Economic Minister Ahmed Mohamed noted that the proposed fines are already stipulated in existing MMA legislation, suggesting that the primary issue is a lack of effective enforcement rather than a need for new penalties.