The price of a dollar on the black market has reached a record high of MVR 20.20.
This is a record high in the country's history. During the Covid-19 pandemic, the dollar rate in the black market was below MVR 20.
Some businessmen told Adhadhu that they currently purchase dollars at the rate of MVR 20.20.
"Even if we get dollars at a lower rate for personal needs, large amounts are now available at the rate of USD 20.20 per dollar for business needs," one person said.
A licensed foreign currency exchange service provider confirmed this to Adhadhu.
The dollar shortage crisis was worsened by the government's foreign currency exchange policy.
Earlier this year, President Dr. Mohamed Muizzu expressed confidence that the dollar exchange rate would decline in the future.
