MNP to work on combating US dollar black market

Members of Maldives National Party convenes for a meeting. (Sun Photo/Ahmed Aiman Ali)

Citing that the issue of US dollar black market in the Maldives still remains unsolved - Maldives National Party (MNP) has revealed its intention to work towards finding a solution for it.

Speaking to Sun, MNP’s Parliamentary Group’s Deputy Leader, Vilimale’ MP Ahmed Usham said the government has failed to take constructive action to combat the US dollar back market.

“We are discussing with experts in the area to see what is the solution for this,” he added.

On this note – Usham said that senior officials from the former administration is working alongside the Party on finding a solution to combat the US dollar black market.

“We are hoping that these experts carry out an assessment of the current situation and share with us their findings within the upcoming week or so,” he detailed.

Stressing that MNP has multiple concerns over the matter – Usham said that they were conducting their own assessment of the US dollar black market as well. In this regard – MNP is seeking the advice of and consulting with economic sector workers who support the Party as part of their assessment.

“This assessment will show the current situation (of the US dollar black market). Then we can kick off our combatting efforts” he had said

Usham added that a lot of the efforts to combat the US dollar black market will be carried out through the Parliament.

He also noted that the public and business owners have been sharing their concerns over the US dollar black market with the Party.

Prior to this – Maldives Monetary Authority (MMA) has stated that they are working on amending policies pertaining to the exchange of foreign currency in the Maldives as part of the efforts by government authorities to combat the US dollar black market.

Deputy Governor of MMA Ahmed Imad stated that the government has supported the amendments proposed by the Authority.

Policies still remain unchanged even though it has been days since MMA had said this.

The US dollar black market has caused a rise in prices of goods in the Maldives.