Dollar Black Market
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NewsSome companies used black market profits to fund payrolls: Saeed
Economic Minister Mohamed Saeed alleges that large companies are using massive black market dollar profits to fund their entire payrolls. He claims these businesses artificially manipulate exchange rates, driving up the cost of living. The government is now cracking down on these illicit activities to restore market stability.
BusinessMMA mops up MVR 3 billion to reduce surplus liquidity
The Maldives Monetary Authority mopped up MVR 3 billion to reduce surplus liquidity and address the nation's dollar shortage. By increasing interest incentives for banks and tightening foreign exchange regulations for resorts, the central bank aims to stabilize the economy and curb the black market despite concerns from the tourism industry.