Fuel prices 🆙
Bread prices 🆙
Air ticket fares 🆙
Bus fares to go 🆙
Container transport prices 🆙
Soaring cost of living 🆙
Gas shortage 🆙
Essential medicines price 🆙
Dollar shortage 🆙🆙🆙
@MahzoomMajidh And the amount of USD forced out of the hands of the resort owners is not enough now they want it out of the hands of the common people to fuel their greed and their pockets,
@MahzoomMajidh Do you honestly believe that for example these laws comes in to play and everyone is forced to pay whatever they earn in USD to the Maldivian financial system, the people will benefit from it
All this comes down to one basic problem: the Gov is spending more than it earns.
When the Gov wanted 20% of resort USD earnings after tax, resorts gave it to them, but reduced the USD they used to pay suppliers. In simple terms, USD that previously went to suppliers was redirected to the Gov.
Now the Gov wants 40%
Resorts can hand over more USD but that money has to come from somewhere. This time, USD salaries and staff benefits will be squeezed. USD that previously went to resort workers will instead go to the Gov.
They can dress this up in complicated economic language, but the underlying problem remains: the Gov needs more USD because it spends beyond what it earns, while simultaneously increasing MVR spending on political posts and other politically driven expenditure and printing money to finance it.
This time, the price of Gov mismanagement of funds will be paid directly by Maldivians who earn their salaries in USD.
Today, ministers repeatedly told the public not to exchange USD above the MMA-set rate of MVR 15.42. They reminded everyone that doing otherwise is illegal and urged people to stop anyone engaging in it.
But here’s the problem.
When you buy something online, BML gives you USD at MVR 15.42 but adds around a 30% commission. In practical terms, you are paying roughly MVR 20 for $1
When BML buys USD, it offer 25% “profit” on top of MVR 15.42. In practical terms, that is around MVR 19 for $1
So the Government apparently believes it can allow BML to effectively buy and sell dollars at rates approaching the parallel-market rate, while lecturing everyone else that they must stick to MVR 15.42
Maldivians are not that stupid. ( or are we? )
If MVR 15.42 is the legal rate, apply the principle equally to everyone, including BML.
If not then the Government isn’t really trying to eliminate the USD black market. It just wants its partner, BML, to be the only one allowed to operate at black-market.
Rule of law is not about how many rules you make. It is about following those rules even when you are the Government.
Perhaps someone should start a petition call on Parliament to investigate MMA & BML and to stop applying one rule to BML and another to everyone else.
@Midhuamsaud The evolving laws and regulations of Maldivian Government on how to fuck up the economy and rip of the Working class of their rights, wealth and health
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