Adhadhu has removed its dollar tracker from its website following legal changes that prohibit publishing black market exchange rates that exceed the official rates set by the Maldives Monetary Authority (MMA).
Adhadhu introduced the dollar tracker to fulfill its journalistic responsibility of informing the public about the rising exchange rates and the severe dollar shortage currently facing the country.
However, the tracker, which previously displayed black market rates on the news outlet's website, was taken down yesterday after legislative amendments introduced heavy fines for reporting such information.
Commenting on the decision, Adhadhu’s Managing Editor, Hassan Mohamed, said that infringing upon press freedom through laws passed by Parliament or government regulations is unacceptable.
"Restricting or infringing upon the right to press freedom is unacceptable. However, despite these legal changes being aimed at obstructing our professional responsibilities, we have removed the tracker out of respect for the law," Hassan said.
Under the amendments to the Foreign Exchange Act, any legal entity or registered business found publishing black market exchange rates can be fined between MVR 100,000 and MVR 5 million.
Furthermore, promoting or advertising foreign currency transactions at rates or bands higher than those set by the central bank is now a criminal offence. This violation carries a penalty of a fine ranging from MVR 25,000 to MVR 500,000.
