The Maldives Police Service has appealed to the public to share information regarding individuals conducting illegal foreign currency exchange businesses without a valid money exchange license from the Maldives Monetary Authority (MMA).
In a statement released last night, the police announced that information can be shared via SMS, Viber, WhatsApp, or Telegram through the operations number 9388733, established under a special task force formed to investigate such cases.
The police further assured that the identity of informants will be fully protected and guaranteed that they will not be required to participate in any formal investigative proceedings.
These measures come as part of broader efforts to stabilise the economy following a depreciation of the Maldivian Rufiyaa, which saw black market dollar rates soar to MVR 23.
With businesses facing extreme difficulties in securing dollars for imports and the rise in commodity prices, the government has mandated resorts to exchange 40 percent of their foreign currency earnings through the banking system.
However, the Maldives Association of Tourism Industry (MATI) has stated that it is not feasible to exchange 40 percent of their dollar revenue.
Amid the worsening dollar shortage and rising black market rates, President Mohamed Muizzu has ratified regulations increasing the mandatory foreign currency exchange requirements.
Muizzu said that resorts utilize state resources and emphasized that resort owners cannot be allowed to prosper while the rest of the population struggles. Nevertheless, the tourism industry notes that resorts currently utilize their dollar earnings to cover essential expenses, including staff salaries, service charges, supplies, fuel bills, taxes, land rent, and loan repayments.
