The Maldives Police Service has urged the public to report individuals and businesses conducting unauthorized foreign currency exchange as authorities intensify efforts to curb the country’s dollar black market.
In a statement, police said information about individuals or entities exchanging foreign currency without a valid Maldives Monetary Authority (MMA) licence can be submitted to the designated task force through 9388733 via SMS, Viber, WhatsApp or Telegram.
Police assured that the identities and details of people providing information will be kept strictly confidential. Informants will also not be required to participate in formal investigative proceedings.
The appeal comes amid a wider government crackdown on unauthorized currency trading, which authorities say diverts foreign currency away from regulated financial channels.
Despite the Maldives earning substantial foreign currency through its tourism industry, demand for US dollars through official channels has remained a longstanding challenge. The parallel market has allowed dollars to be traded outside licensed institutions at rates above the official banking rate, increasing foreign exchange costs for businesses and individuals.
The government and MMA have introduced measures aimed at increasing the amount of tourism-generated foreign currency entering the banking system while tightening enforcement against unlicensed exchange operations.
Police thanked the public for its cooperation and encouraged anyone with information about illegal foreign currency trading to contact the task force.
