The price of a dollar on the black market has climbed to MVR 19.90.
According to information gathered by Adhadhu, the dollar rate in the black market is MVR 19.90. The same rate is offered in foreign exchange Viber groups.
The price of a dollar has increased by about 40 laari over the past month. On June 16, the rate was MVR 19.50 per dollar.
Some businesses told Adhadhu that the rate is expected to increase in the coming months. They predict the rate will reach MVR 20 per dollar soon.
This is a record high in recent history. During the Covid-19 pandemic, the dollar rate in the black market was MVR 19.50.
Despite the scarcity of dollars, the Bank of Maldives (BML) last week increased its support for TT transactions for businesses to 30 percent. A few months ago, the support was at five percent.
Meanwhile, on June 30, BML increased the limit for foreign transactions on MVR debit cards to USD 500 from July.
The official dollar rate is MVR 15.42 per dollar. But the dollar rate in the black market is currently MVR 4.48 more than the official rate.
