The black market for dollars remain unchanged despite President Dr. Mohamed Muizzu's claims that his forced dollar exchange policy was successful.
The official rate for US dollars set by the Maldives Monetary Authority is MVR 15.42 per dollar. But the black market rates are above MVR 19 per dollar.
Government supporters believe the forced dollar exchange policy will help lower the US dollar rates in the black market.
But experts and tourism businesses insisted that the policy will have no effect on the rates of dollars in the black market.
"We knew this would happen. Dollar exchange might bring some ease for government and government companies to get dollars. But the common people had to buy dollars at high rates before. Now, the common man and small businesses are facing even more difficulties in buying dollars," a businessman said.
Another businessman predicted that the rate of dollars in the black market would continues to rise in the coming days.
On Thursday, Muizzu said USD 150 million has been remitted to banks since January. He said this was an increase of 40 percent from previous figures.
He made the announcement during the Rayyithunnaa Eku (With the people) podcast hosted by the President’s Office.
Muizzu highlighted strong cooperation in dollar remittance and expressed confidence that the dollar exchange rate would decline in the future.
