The Maldives Monetary Authority (MMA) has said that it will report any businesses found to be exchanging US dollars above the official foreign exchange rate value to police, Haveeru has reported.
The MMA has reportedly announced that amidst an “escalating” black market for US dollars, which has seen the currency sold beyond the exchange rate of Rf12.85, the authority was hoping to remind the public that such practices were illegal, particularly for companies.
“If someone buys dollars for their own use, we don’t take that as an issue. But if they continue to do it for business purposes, we take action. We report such cases to the police,” an authority official told the paper.
Earlier this year, the MMA reportedly sent a letter to parliament warning that without passing a bill on income tax in the Majlis and retaining foreign currency revenue in the local banking system, difficulties could lie ahead for the nation’s finance.
According to the letter, details of which were published by Haveeru back in October, the MMA warned that high recurrent expenditure against revenue “would increase domestic demand in Maldives economy, affect the exchange rate and exacerbate the dollar shortage.”