US Dollar exchange rate lifts to MVR 18.30 in black market

The exchange rate of US dollars in the Maldives black market has lifted to MVR 18.30.

It has been months since the black-market exchange rate of US dollars has lifted above MVR 18, with the average exchange rate currently between MVR 18.10 and MVR 18.15.

However, the current exchange rate has reportedly jumped between MVR 18.20 and MVR 18.30, although the exact reason for this is yet unclear.

Moreover, US dollar exchange rate was slightly above MVR 18 when the current year began as well but momentarily dropped before climbing back. The Minister of Economic Development and Trade, Mohamed Saeed, expressed government’s intention to solve the dollar constraint issue within three to four months.

The official bank rate for US dollar exchange is MVR 15.42. though commercial banks have a limit on the amount they exchange per day.

Businesses and individuals who require lump-sum amounts exchanged often seek third-party exchangers, including registered outlets or seeking currency exchange community groups on social media pages or messenger apps.

The surge in US dollar exchange rate also reflects in the price hike of imports to the Maldives owing to inflation.