MMA Governor Ahmed Munavvar says authorities have observed individuals earning income in US dollars selling the currency on the black market, adding that the proposed amendments are intended to provide the data needed to monitor such activity.
Speaking during a press conference held today at the President's Office, along with Home Minister Ali Ihusaan, Economic Minister Mohamed Saeed, and Finance Minister Hassan Zareer, he said black market activity has increased significantly over the past month, arguing that while the Middle East war temporarily affected the dollar market, it did not justify the current scale of black market activity. Studies with enforcement agencies, he added, found substantial foreign currency being circulated through money changers.
Munavvar said authorities have launched operations targeting money changers and will investigate those involved to enforce the law. He added that one money changer found to be operating in violation of regulations has already been shut down.
