Home Minister Ali Ihusaan has alleged that the rising exchange rate of the US dollar is being driven by a coordinated network of money exchange businesses and political opponents.
Speaking at a press conference held at the President's Office, Ihusaan stated that there are deliberate efforts by certain groups to manipulate the dollar market.
"We have observed that this is being done outside of normal market behaviour through manipulation, and with the involvement of political figures," Ihusaan said.
The Minister further noted that dollar rates are being determined through daily consultations among money exchangers.
"As soon as the sun rises, the major money exchangers call each other to decide that 'this is today's rate.' This is not how things work elsewhere in the world, but this is the current behaviour here," he said.
Ihusaan also issued a warning to businesses today, stating that strict action could be taken against those involved in these practices.
"If this continues, we will enforce the laws of the Maldives, even if we have previously been lenient due to certain economic circumstances. In enforcing the law, we will not look at who the person is or their status; we will implement the laws of the Maldives without bias," Ihusaan said.
During today's press briefing, Ihusaan also levelled money laundering allegations against businesses and individuals engaging in unlicensed dollar trading.
