Rufiyaa plummets to record lows as USD rate hits MVR 21.25

Jul 15, 2026, 11:04 AM
A person holding a stack of US dollar banknotes.

A person holding a stack of US dollar banknotes.

The exchange rate for the US dollar on the black market rose to MVR 21.25 today.

After remaining stable for several months, the dollar began to appreciate last week. This upward trend continued until it reached the current rate of MVR 21.25 per dollar.

The rise in the dollar's value is attributed to record-level debt repayments this year, excessive dollar expenditure, a lack of new foreign investment, and the government's inability to secure new loans.

In an attempt to address the dollar shortage, the government has mandated that resorts exchange a portion of their foreign currency earnings. However, despite this policy change, the value of the dollar has continued to climb.

Despite the rising rates, members of the ruling People's National Congress (PNC) have been accused of misrepresenting the situation. MP Ibrahim Falah recently claimed that the country was not facing a dollar crisis.

"There has never been a time when the general public could obtain dollars at the bank rate as easily as they can now," he said. 

Lowering the exchange rate to MVR 15.42 or below was a key campaign pledge of President Mohamed Muizzu and his Economic Minister, Mohamed Saeed. However, Saeed recently claimed that the failure to bring down the rate is due to the actions of previous administrations.

Comments

Read More

Latest News

Usable reserves drop below levels after settling sukuk

The Maldives' usable reserves fell to $200.6 million last month following a $525 million sukuk settlement. Despite a slight rise in gross reserves to $643.8 million, increased short-term liabilities led to a 10% drop in available funds. Officials expect a recovery by year-end due to a surge in foreign currency exchange.

Maldives bans seeking work visa after entering on another visa

The Maldives Home Ministry has banned individuals who enter the country on business or special visas from converting to a work visa. This policy aims to stop businesses from using short-term visas to bypass standard work permit procedures. The move is part of a broader government crackdown on undocumented migration and visa misuse.

Home Minister issues more warnings over dollar crisis

Maldivian Home Minister Ali Ihusaan warned that unauthorized dollar trading is a criminal offense and constitutes money laundering. The government plans to take strict legal action against unlicensed buyers and sellers. Additionally, Maldivian sponsors will be held accountable and fined if their expatriate workers engage in illegal currency exchange.

Dhiraagu reload promotion offers MVR 100,000 cash prize

Dhiraagu has launched a reload promotion for prepaid customers, offering a grand prize of MVR 100,000 and weekly prizes of MVR 15,000. To enter, users must reload via the Dhiraagu App before October 31. Every MVR 100 reloaded earns one entry into the lucky draw, incentivizing frequent digital reloads.

MIB launches Faisa Mobile X 2.0 to refine banking services

Maldives Islamic Bank has launched Faisa Mobile X 2.0, featuring a redesigned interface and enhanced security. The update introduces "Smart Search" for faster transactions and "Faisa Remit" for international money transfers. This upgrade aims to provide a more seamless and modern digital banking experience for all customers.

BML TT delays threaten businesses and international trade ties

Maldivian businesses are facing severe financial losses and damaged international reputations due to significant delays in BML’s Telegraphic Transfers. Importers report that payments now take weeks rather than days, leading to heavy port charges and strained ties with global suppliers despite the bank's delayed acknowledgment of the issue.

Which Body Should Maldives Trust on Regulating Nicotine Pouches?

Two major health regulators have reached opposite conclusions about nicotine pouches. Both claim to be evidence-based. This contradiction becomes even more striking when you examine what they actually agree on.

Newsletter

Get the latest news delivered straight to your inbox