Authorities have commenced a search of Naid Investment’s office and frozen the company’s bank accounts following allegations of large-scale illegal foreign currency trading without a valid license from the Maldives Monetary Authority (MMA). To address the rising cost of living and the challenges faced by the public due to the parallel market’s impact on the banking system, the President has reaffirmed the government’s commitment to strictly enforcing foreign exchange laws and regulations. Consequently, the government is introducing legislative reforms to ensure foreign currency remains within the formal banking sector, including mandates for using local bank POS systems for domestic services and implementing GST collection from international travel platforms.
