The black market selling rate of the US dollar has surged to MVR 19.40, with traders and businesses reporting difficulty acquiring dollars even at the inflated rate, causing growing concerns over import disruptions.
Some of the Maldives’ leading business figures told Adhadhu that for the past few days, they have been forced to pay MVR 19.40 per dollar to secure foreign currency. Despite the high rate, access to dollars remains scarce.
"Today, the dollar is priced at MVR 19.40. We cannot acquire dollars from banks or through any formal channels. If this situation continues unchecked, business operations will be forced to shut down," said a trader who requested anonymity.
Several traders accused the Maldives Monetary Authority (MMA) of failing to address the issue.
“Even at MVR 19.40, dollars are unavailable. Foreign suppliers and agents are struggling to receive payments. If we keep going like this, the rate could hit MVR 20,” one trader warned.
Meanwhile, the official narrative contrasts with the market situation. President Mohamed Muizzu recently claimed that government policies have helped reduce the value of the dollar and expressed confidence that by 2027, transactions will take place at the official exchange rate.
“We will continue to take the necessary actions to accomplish this objective,” he stated.
