Members of the opposition MDP’s parliamentary group visited the Maldives Monetary Authority (MMA) office on Monday seeking a meeting with Governor Ahmed Munawar due to lack of response to their letter regarding the US dollar shortage in the Maldives, which has greatly impacted local businesses.
MDP’s North Galolhu MP Mohamed Ibrahim (Kudoo) sent a letter to Governor Munawar seeking a meeting over the matter last Wednesday.
In his letter, Kudoo stated that despite the Foreign Currency Act coming into force this year, a black market for US dollars continues to operate in the Maldives due to the lack of proper enforcement of law. He added that MMA’s collection of 90 percent of the US dollars exchanged by tourism sector businesses and other businesses earning revenue in US dollar has subjected importers to a significant US dollar shortage, further compounded by banks halting the supply of US dollars to them.
 “Amidst the ongoing US dollar shortage and the looming risk of many businesses ceasing operations, concerns persist over the possibility of the US dollar shortage escalating further as a result of sudden changes introduced by the government to regulations and policies governing foreign currency transactions to secure necessary US dollar reserve for the state,” the letter read.
Kudoo, in his letter, appealed to Munawar for a meeting with MDP parliamentary group to discuss these concerns at the earliest. 
Citing no response has been received to the letter, all MDP lawmakers visited MMA’s office after Monday’s parliamentary sitting.
MDP shared a photo of the lawmakers while at MMA office via a post on X.
The official bank rate for US dollars in the Maldives is set at MVR 15.42. However, due to the unavailability of an adequate supply of dollars from the bank, the public is forced to opt for the black market, even to acquire US dollars for essential needs.
The US dollar rate in the black market recently rose to MVR 20. Many, including lawmakers, have criticized the central bank governor’s silence amidst the crisis.
The rise in the US dollar rate would significantly affect the lives of Maldivian citizens, as the country is heavily dependent on imports for even the most basic necessities. As a result, sourcing US dollars from the black market to import these essential goods would lead to a rise in their prices.
 
An increase in the prices of goods, without a corresponding rise in salaries and income, would reduce consumer spending—ultimately having a negative impact on businesses.