The price of American dollars has increased to MVR 18.60 per dollar in the black market.

This comes at a time when the Bank of Maldives (BML) blocked dollar transactions with Rufiyaa cards and reduced the limit of previously issued credit cards to USD 100.

Adhadhu understands that the rate was MVR 18.30 yesterday and this morning, but has now been pushed up to MVR 18.60. Some people are selling for MVR 20 as well.

The dollar rate was also MVR 18 in the black market at the start of the year. However, the price of dollars fell as usual during the tourism season this year.

The rate fell to the lowest during the campaign for the parliamentary elections. The rate was as low as MVR 17.20 at the time.

However, the dollar rate started to rise again after the season ended and tourist arrivals started to decline.

The dollar rate first rose to MVR 18 less than two months after President Dr. Mohamed Muizzu said that the rate would go down.