Businesses and importers say they are struggling as the black-market rate for the US dollar keeps rising.
A week ago, the rate was around MVR 21.25. Yesterday it reached MVR 21.35. Today it went past MVR 21.45.
Traders say they cannot find the foreign exchange they need to clear orders from abroad, and that price rises on consumer goods are now unavoidable.
"We can't get enough dollars to pay for our orders this week, even at rates higher than MVR 21.50," a major importer said.
"By the end of this month, rates are expected to hit MVR 22.00. With low tourist arrivals anticipated in August, the rate could easily climb to MVR 23.00."
Business owners say neither the government nor the Maldives Monetary Authority (MMA) has explained what is happening, and want intervention to stabilise foreign currency liquidity.
The shortage comes amid a year of record external debt service obligations, heavy foreign-exchange leakage, flat foreign direct investment, and limited room for the government to borrow. Resorts are now required to convert part of their dollar earnings through local banks, but the parallel market rate has kept rising.
Bringing the dollar rate down to MVR 15.42 was one of President Dr Mohamed Muizzu's campaign pledges. Officials now blame the shortage on structural problems inherited from earlier governments. Ruling party MPs say the banks have enough dollars for ordinary customers.
