Foreign Exchange Act
20 articles
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BusinessDollar black market persists despite strict media censorship
Despite new laws criminalizing the reporting and sale of currency above official rates, the dollar black market persists through shifted tactics. While the government blames media reports for high rates and has conducted several raids, unofficial trading continues at inflated prices as authorities struggle to dismantle the parallel market.
News"Govt policies will cause tourism downturn and halt business"
Former Minister Fayyaz Ismail warns that new tax and forex regulations will trigger a major tourism downturn and economic collapse. He claims these "policy attacks" violate international standards and threaten thousands of jobs. Fayyaz urged the government to halt these abrupt changes and consult with industry stakeholders.
Business
Businesses face challenges in securing dollar support from BML
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Adhadhu removes USD tracker due to restrictive law
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"Not a burden for resorts to exchange 40 percent of earnings"
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Yameen urges resorts to oppose 40 percent USD conversion rule
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Calls for Muizzu’s resignation as dollar crisis worsens
Business
MMA mops up MVR 3 billion to reduce surplus liquidity
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Resorts mandated to exchange 40 percent of USD earnings
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Efforts to curb use of fraudulent TTs amid USD crisis
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Enforcement alone cannot fix USD crisis, warns economic expert
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Exchanging 40 percent of earnings is not feasible: MATI
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"USD issue cannot be resolved by silencing the public"
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Former official warns USD could hit MVR 30
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Heavy fines on money exchangers selling USD above official rate
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"Changes to Foreign Exchange Act could lead to economic collapse"
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MJA condemns proposed ban on reporting black market USD rates
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Govt discussed jail sentence for black market rate reporting
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Majlis moves to ban publication of black market USD rates
Business