Heavy fines on money exchangers selling USD above official rate

Aug 20, 2026, 9:04 AM
Money Exchange

Money Exchange

The Parliament's Public Accounts Committee has approved amendments to the Foreign Exchange Act, introducing heavy fines for individuals and businesses selling foreign currency at rates exceeding the official exchange rate set by the Maldives Monetary Authority (MMA).

The committee passed these measures as part of additional revisions proposed to the Foreign Exchange Bill after it was recently recommitted to the committee for further review.

Under the new amendments, it is strictly prohibited to sell or attempt to sell foreign currency through any means at a rate higher than the official rate or outside the exchange rate band established and published by the MMA. Violators of this provision will face fines ranging from MVR 25,000 to MVR 1 million.

Furthermore, the committee approved a ban on the promotion or advertisement of foreign currency sales at inflated rates. For the purposes of this law, "advertising and promotion" is defined as the disclosure, publication, dissemination, repetition, or distribution of information—via digital tools, platforms, or any other public medium—intended to advertise, encourage, or facilitate the exchange of foreign currency at rates above the MMA’s official benchmark.

If a legal entity or a registered business is found to be involved in such offenses, the penalty is a fine between MVR 100,000 and MVR 5 million.

With these changes, publishing news reports regarding black market dollar rates will also become a legal offense. This move follows recent remarks by Economic Minister Mohamed Saeed, who suggested that media reports on exchange rates contribute to the appreciation of the dollar against the local currency.

Comments

Read More

Latest News

Shiyam to represent ruling PNC at opposition MDP Congress

Fisheries Minister Ahmed Shiyam will represent the ruling PNC at the opening of the opposition MDP congress tonight. The event follows a tradition of cross-party attendance and will feature an investment forum and constitutional debates. Despite venue challenges, nearly 1,000 delegates are expected to attend the three-day session.

MDP Chair to be barred from primary involvement

A proposed amendment to the MDP statutes seeks to bar the party’s Chairperson from managing presidential primaries to ensure neutrality. Oversight would transfer to the President of the Appeals Judges’ Bureau. The change will be debated at the upcoming party Congress, which includes nearly 1,000 delegates.

Anyone opposing the Rasmalé deal is a "traitor to the nation"

MP Mohamed Musthafa Ibrahim labeled critics of the Rasmalé land deal "traitors to the nation," defending the $20 billion project with a UAE firm. The agreement grants 500 hectares to Eagle Hills for 99 years without upfront fees. Opponents argue the deal's unique lease-reset terms represent a permanent loss of Maldivian territory.

MDP Congress: Nasheed and Solih to address opening ceremony

Former Presidents Mohamed Nasheed and Ibrahim Mohamed Solih will address the opening of the MDP Congress tonight. The event features an investment forum and sessions to debate constitutional amendments and systemic changes. Nearly 1,000 delegates are expected to participate in the proceedings through Saturday.

Mihad and Sahar removed from MACL board

The Maldives Privatization and Corporatisation Board has removed Mohamed Mihad and Sahar Waheed from the board of the Maldives Airports Company Limited. No specific reasons were provided for their dismissal. Both individuals hold high-level executive positions at other major Maldivian institutions.

Rasmale' deal: Ministers provide conflicting figures on revenue

Housing and Finance Ministers have provided conflicting revenue projections for the Rasmalé project, with estimates ranging from $3 billion to $11 billion. Discrepancies also exist regarding the developer's total investment. The government granted land for 99 years without fees, relying instead on property sale and transfer taxes for income.

Court remands man following coconut theft from Rasfannu

The Criminal Court has remanded 56-year-old Abdulla Latheef for seven days after he was caught stealing young coconuts from palms at Rasfannu beach. Despite his claim of ignorance regarding the rules, the court cited his prior criminal record and potential threat to public safety as reasons for his continued detention.

Newsletter

Get the latest news delivered straight to your inbox