Central bank, Maldives Monetary Authority (MMA) has stated that personal dollar accounts will be not touched when attempting to control the foreign exchange black market.
MMA’s spokesperson Mohamed Nasih stated that work is being done to reform foreign exchange market laws in order to dissolve the dollar black market in the Maldives.
While the fixed market rate for dollars is MVR 15.42, the black market rate has shot up to over MVR 18. In relation to the prevalent COVID-19 pandemic and its consequential recessionary impacts, the black market dollar rate was previously higher than MVR 19. However, as the tourism industry inches towards recovery, the rate is slowly dropping.