MDP Parliamentary Group Seeks Talks With MMA on Foreign Currency Challenges

North Galolhu MP Mohamed Ibrahim has requested Maldives Monetary Authority (MMA) Governor Ahmed Munnavar to meet with the Maldivian Democratic Party (MDP) parliamentary group to discuss the ongoing foreign currency shortage and its impact on the economy.

In a letter addressed to the MMA Governor, MP Ibrahim requested a meeting next week to discuss challenges faced by the public and businesses due to limited access to foreign currency, and to explore how the parliamentary group could assist in addressing the issue.

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MP Ibrahim said that although the Foreign Currency Act came into force in January 2025, delays in implementing the law due to systemic issues had contributed to the development of a black market for foreign currency.

He said the meeting would seek clarification on several concerns, including the impact of the Bank of Maldives (BML) purchasing US dollars at a rate higher than the parallel market rate under its investment category.

The MP questioned how such purchases would affect foreign exchange regulations, exchange rate policies and the parallel market rate.

He also raised concerns over restrictions imposed by BML and other banks on foreign transactions through payment cards, stating that such limits have affected Maldivian students studying overseas and individuals seeking medical treatment abroad.

MP Ibrahim further highlighted concerns over rising prices of imported goods due to high foreign currency rates in the parallel market.

He also expressed concern over declining public confidence in the MMA, citing statements made by political figures on economic and monetary policies, which he said fall under the authority of the central bank.

The MP requested information on measures being taken by the MMA to address the foreign currency shortage and said the meeting would help the MDP parliamentary group understand how it could support efforts to resolve the issue.