MJA says ban on reporting dollar rates poses major threat to media

The Maldives Journalists Association (MJA) has raised strong concern over a proposed amendment to the Foreign Exchange Bill that would make reporting black market dollar rates an offense punishable by heavy fines, describing the move as “the beginning of something very dangerous” for media freedom.

Speaking to Sun, MJA President and economic journalist Ahmed Naif said that while market manipulation and deliberate dissemination of false financial information are prohibited in many countries, the situation in Maldives is fundamentally different. He stressed that reporting verified market realities does not constitute manipulation.

“This is the beginning of something very dangerous. The media should have the opportunity to report on the flaws and challenges in the country’s financial system,” Naif said. He added that only two to three percent of the parallel dollar market is influenced by speculation, according to economists.

Naif said the amendment is overly broad and would create a major obstacle for journalists covering economic and financial affairs. He also noted that the media was not consulted before the clause was added.

“Reporting the facts in the market with evidence, for example, writing about the dollar rate rise, is not market manipulation at all. Having laws to prevent manipulation is not a problem, but this change is not necessary or relevant to the situation in Maldives,” he said.

MJA believes the amendment is intended to further restrict the media’s ability to inform the public about economic realities. The association has therefore rejected the inclusion of the clause without proper consultation.

On Wednesday, the Parliament’s Public Accounts Committee approved amendments to the Foreign Exchange Bill that would prohibit publicly reporting or advertising dollar selling prices above the official rate or band. Violations would carry fines ranging from MVR 25,000 to MVR 500,000.

The amendment covers publishing, disseminating, repeating, or communicating such information through any digital medium or platform in a manner that makes it publicly known.

The changes were proposed by PNC MP Mohamed Mamdhooh during the committee meeting.