Maldives Monetary Authority (MMA)
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NewsHeavy fines on money exchangers selling USD above official rate
The Maldives Parliament has approved amendments to the Foreign Exchange Act, imposing fines up to MVR 5 million for selling USD above official rates. The law also bans advertising inflated rates, including media reports on black market prices. Violators face strict penalties to curb currency appreciation and regulate the exchange market.
News"Changes to Foreign Exchange Act could lead to economic collapse"
MP Ahmed Shamheed warns that proposed Foreign Exchange Act amendments could cause business bankruptcies and halt imports by tightening dollar liquidity. He also criticized the bill for violating press freedom and being passed without expert advice, specifically targeting a ban on reporting black market exchange rates.
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