Ahmed Munawwar, the Governor of the Maldives Monetary Authority (MMA), has stated that a significant number of entities generating substantial foreign currency earnings are channeling their funds through the black market. Speaking at a press conference held at the President’s Office, the Governor noted that despite the temporary economic slowdown and rising fuel costs driven by global conflicts, the tourism and banking sectors continue to demonstrate growth. He emphasized that there is no justifiable reason for such an expansion of the black market. To address this issue, the Governor highlighted that money changers are being closely monitored, further revealing that one establishment has already been shut down for regulatory violations, with ongoing investigations currently underway.
