Hulhumale' South MP Ahmed Shamheed has warned that proposed amendments to the Foreign Exchange Act by the ruling People’s National Congress (PNC) could lead to business bankruptcies and a total standstill in the importation of goods.
Shamheed, who sits on the Parliamentary Public Accounts Committee that deliberated on the decision, stated in a post on X that he voted against the amendments for two reasons.
The MP noted that his first reason for opposing the amendments proposed by Funadhoo MP Mohamed Mamdhooh was that they conflict with Articles 27 and 28 of the Constitution, which guarantee freedom of expression and freedom of the press.
"There is a risk that this law will make dollar liquidity even tighter, potentially cutting off access to dollars for general businesses entirely. As a result, there is a fear that businesses will go bankrupt, the import of certain goods will cease, and prices will skyrocket to unforeseen levels," Shamheed said, citing this as his second reason for voting against the changes.
He further alleged that the Public Accounts Committee passed the amendments without seeking any expert technical advice.
In its meeting, the Public Accounts Committee approved a ban on publishing news regarding black market exchange rates that exceed the official rate set by the Maldives Monetary Authority (MMA).
