The black market exchange rate for the US dollar has increased, with rates now reaching MVR 19.30, according to a local dollar trader. Just a week ago, the dollar was trading at MVR 19.25.
The dollar typically fluctuates ahead of the Hajj season.
To ease access to foreign currency for Maldivian pilgrims, President Dr Mohamed Muiozzu has announced that a limit of US$1,750 will be set for each pilgrim’s Bank of Maldives debit card in addition to the existing dollar limit. Furthermore, the bank will continue to sell up to US$500 at the official rate to all pilgrims.
The dollar rate has risen after the central bank, the Maldives Monetary Authority (MMA) announced it would claim 90 percent of the dollars exchanged at local banks under the Foreign Exchange Law.
