MMA Governor: Major Dollar Earners Supplying Black Market

Maldives Monetary Authority (MMA) Governor Ahmed Munawar has revealed that several major foreign-currency earning entities are diverting significant amounts of US dollars into the black market through money changers.

Speaking at a press conference at the President’s Office, Munawar said the MMA’s investigations, conducted with enforcement agencies, found businesses receiving substantial dollar revenues selling large amounts of foreign currency outside the regulated market.

He said black-market activity has increased sharply over the past month, despite the recent improvement in the tourism sector. Munawar stressed that although the Middle East conflict temporarily affected the dollar market, there is no justification for the current scale of black-market trading.

The MMA has launched targeted monitoring operations of money changers, with Munawar confirming that the licence of one operator found violating regulations has already been revoked. Further investigations are underway to identify businesses and money changers involved in the illegal transactions.

Munawar said the Maldivian economy slowed in March and April due to the Middle East conflict, which affected both tourism and the cost of essential imports and fuel. However, recent indicators show signs of recovery.

Tourism revenue has increased by 1 percent despite lower tourist arrivals, while foreign-currency earnings, foreign-currency deposits and credit growth in the banking sector have each risen by 18 percent.

The Governor also noted continued pressure on official reserves as higher global oil prices increase the country’s foreign-currency requirements for fuel imports. The MMA is therefore taking measures to increase the flow of dollars into the formal banking system and strengthen reserves.

The latest action comes amid broader government efforts to curb illegal foreign exchange trading and ensure that dollars earned by businesses are channelled through authorised financial institutions.