Amid the Parliamentary Public Accounts Committee’s approval of amendments to the Foreign Exchange Bill that introduce fines of up to MVR 1 million for selling foreign currency on the black market above central bank rates, several currency exchange outlets have dropped their buying rates from the public below the official bank rate of MVR 15.42.

Journalists from One Online visited several money exchange counters in Malé today to survey current rates. Two exchange outlets were buying US dollars at MVR 15.30, while another was offering MVR 15.40.

None of the three locations were selling US dollars today. When asked for the reason, counter staff offered no specific explanation, stating only that they were "currently only buying dollars."

One Online also monitored currency exchange rates across several Telegram groups today, finding that sellers on two Telegram channels were still trading dollars at rates significantly higher than the bank rate.

The Public Accounts Committee passed the bill amending the Foreign Exchange Act last Wednesday, introducing heavy penalties for those who sell or advertise foreign currency at rates higher than the official rate set and published by the Maldives Monetary Authority (MMA).

The amendment establishes specific rules governing foreign exchange transactions, stipulating that all currency trades must be carried out within rates or trading bands set and published by the MMA.

A new provision added to the bill criminalizes selling or attempting to sell foreign currency through any medium at rates above or outside the MMA-determined band. The offense carries a fine ranging from MVR 25,000 to MVR 1,000,000.

Furthermore, advertising or promoting foreign currency at rates that violate the MMA’s official rate has also been designated an offense. Under this provision, it is illegal to advertise or promote any rate or price for foreign currency transactions that exceeds the official rate or falls outside the prescribed band.

The bill also prohibits publicly disclosing, publishing, disseminating, reposting, or sharing information across digital channels or platforms that advertises, encourages, or spreads currency transactions outside the official rate or band. The penalty for this offense is a fine ranging between MVR 25,000 and MVR 500,000.

In addition to administrative penalties, the bill specifies that criminal charges may be filed against violators. If the offense is committed by a legal entity or registered business, the fine will range from MVR 100,000 to MVR 5,000,000.