Anday: Proposed fines already in existing legislation, the issue is lack of enforcement

Former Economic Minister Ahmed Mohamed (Anday), on Wednesday night, said that the penalties proposed under the Foreign Exchange Currency Bill are stipulated in existing legislation, arguing that the main issue is the lack of effective enforcement.

The Parliament's Public Accounts Committee has proposed amendments to the Foreign Exchange Bill that would make the public reporting and advertising of black-market dollar rates a criminal offense. Under the proposed amendments, individuals or entities found engaging in such activities could be fined up to MVR 500,000.

The Committee has also proposed amendments that would impose fines of up to MVR 1 million on individuals involved in buying or selling foreign currency at inflated black-market rates.

In a brief post on X concerning the issue, Anday noted that the fines proposed by the government are already stipulated in the Maldives Monetary Authority (MMA) Act, citing the issue at hand as the failure to effectively enforce the existing law.

މިހާރު ވެސް އޮތް އެމްއެމްއޭ ގެ ގާނޫނު (6/81) ގެ 24 ވަނަ މާއްދާގައި ތިޔަ ޖޫރިމަނާގެ ވާހަކަ އެބައޮތެވެ. އުޅޭ މައްސަލައަކީ ގާނޫނު ތަންފީޒު ނުކުރެވުމުގެ މައްސަލައެވެ. https://t.co/WWJsrLfXPR pic.twitter.com/y3Yv9A6nuh

— Ahmed Mohamed (AM) (@ahmedMDV) August 19, 2026

Under the amendments proposed by the Public Accounts Committee, advertising foreign exchange rates above the official rate or the established exchange rate band would be prohibited.

The proposed provision would cover the publication, dissemination, repetition, or sharing of such information through any digital medium or platform for the purpose of advertising, promoting, encouraging, or circulating information about such rates.

The amendment proposes a fine ranging from MVR 25,000 to MVR 500,000 for violations of the provision.

The proposal to criminalize the reporting of black-market exchange rates has drawn widespread public criticism, with many describing the move as impractical.