MMA instructs banks, police to stamp black market currency exchange

Maldivian central bank, Maldives Monetary Authority (MMA) has instructed the banks and Maldives Police Service to stamp the black market exchange of US Dollars.

While the price of USD 1 in the black market had gone up to MVR 17, Information Officer of MMA, Mansoor Zubair spoke to “Sun” on Thursday and said that the central bank had instructed banks regarding misuse of the special regulation set up to sell USD 500 at the bank rate to Maldivian students studying abroad for their tickets.

“We have advised the banks regarding the misuse. It will create difficulties for those who come to buy dollars with their tickets. But if we don’t do this, the misuse will continue. We need to find a way to stop this,” said Mansoor.

Banks have changed their regulation so that the person who purchased the ticket needs to personally go to the banks to collect the money.

Unauthorized sale of USD is prohibited under MMA regulation.

The central banks said that they had also instructed the police to put a stop to the black market sale of USDs by people who received salaries in USDs.

The demand for USD has gone up as people a large number of people leave for hajj pilgrimage, and as people plan to travel abroad for Eid Holiday.