MDP Condemns Proposed Fines Over Reporting Black Market Dollar Rates, Calls It a ‘Direct Attack’ On Press Freedom

The Maldivian Democratic Party (MDP) has condemned proposed amendments to the Foreign Exchange Bill that would penalise the publication or promotion of foreign currency exchange rates above those prescribed by the Maldives Monetary Authority (MMA), calling the measure a direct attack on press freedom.

In a statement issued yesterday, the opposition party called on the Government and its parliamentary majority to withdraw the amendments, arguing that penalising journalists and media organisations for reporting black market exchange rates would restrict the public’s access to information.

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“Placing this measure inside a foreign exchange law does not disguise what it is. It is a direct attack on the freedom of the press,” the MDP said.

Proposed Penalties

The amendments, approved by Parliament’s Public Accounts Committee, would make it an offence to advertise or promote the purchase or sale of foreign currency at a rate above the rate or band set by the MMA.

Under the proposed changes, media organisations and individuals found to have violated the provision could face fines ranging from MVR 25,000 to MVR 500,000.

Legal entities and registered businesses that publicly make black market foreign exchange rates available could also face fines between MVR 100,000 and MVR 500,000.

The MDP said reporting the rates at which Maldivians obtain foreign currency does not cause or resolve the currency shortage, arguing that penalties would instead prevent the public from accessing information about the actual cost of foreign currency.

MDP Links Measure to Wider Media Concerns

The party said the proposed amendment forms part of what it described as continued pressure on independent media, citing prosecutions, restrictions and gag orders during the current administration.

“This is part of a sustained assault on independent media. Throughout its term the Government has moved against the press through prosecutions, restrictions and gag orders, and it now reaches into the reporting of the economy,” MDP said.

The MDP also linked the proposed measure to the country’s broader economic and foreign currency challenges, arguing that restricting the reporting of unofficial exchange rates would not address the underlying causes of the currency shortage.

The party called for greater transparency on the state of public finances and urged the Government to pursue reforms relating to public spending, subsidies and state-owned enterprises.

It also called on the Government to withdraw the proposed provisions and uphold constitutional protections for press freedom.

The amendments would need to proceed through the legislative process before becoming law.