Dollar Rate on Maldives’ Black Market Falls Yet Again

The price of dollars on the foreign exchange black market has dropped yet again.

While the dollar rate was previously around MVR 19.25, it unexpectedly dropped to around MVR 18.50 in early January. Now, the rate has fallen again, to between MVR 18.00 and MVR 18.25.

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The drop in the dollar rate can likely be attributed to the increase in tourist arrivals during the peak holiday season. After a significant blow to the industry due to the COVID-19 pandemic and its implications on travel, tourism has picked up in the Maldives, bringing with it an influx of foreign exchange.

Now, according to the latest statistics by the Ministry of Tourism, an average of 2,971 tourists arrive in the Maldives daily. In January 2021, the country welcomed a total of 92,103 arrivals.

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