USD value remains high, lowest price holds steady at MVR 19
Looking at the rates at which dollar exchange places are selling USD, it is observed that the USD price has not decreased
A person counting US Dollars
It has been revealed that the lowest price at which US dollars can be bought in the Maldivian black market is still MVR 19.
The government has been taking a lot of credit, claiming that the dollar price in the black market has started to decrease. The government has also been saying that the public and businesses are very satisfied with this. The government is trying to portray this as a result of the changes they have begun to implement in the foreign currency system.
As such, the government has been saying that businesses are satisfied with the government's dollar policies, referring to a recent post on social media platform ‘X’ by Mohamed Firaq, CEO of Inner Maldives. After the post began circulating, deputy ministers and state ministers of the ruling People’s National Congress (PNC) have highly praised President Dr. Mohamed Muizzu and the current administration.
In the post, Firaq said that the USD exchange rate in the black market was MVR 19.20 in previous weeks, but that now the price has decreased by 50 laari. He stated in the post that it was a favorable day for those working in the aviation sector.
Firaq, who is an expert in the tourism industry, described the change as a green signal for the situation to improve. He also said that if this trend continues, it will help maintain the Maldives' financial situation in a good state.
When approached by RaajjeMV, Firaq said that the government had not properly understood his post. He said that on Wednesday and Thursday of the previous week, the USD price in the black market was at MVR 19.20, but on Friday and Saturday, dollars were available for MVR 18.50, as he had noted in his post. Firaq said that the post along with that was being portrayed as an achievement of the government, but he was only stating the situation of that day in his post.
However, Firaq said that he believes it would benefit the public if the USD price is maintained and sustained at that level. He also said that the government has not yet been able to do that. Firaq always tries to look for the most favorable opportunities in the market.
Regarding the matter, RaajjeMV also reached out to USD exchange spots to clarify the prices. From what was found, most places are selling dollars at prices between MVR 19 and MVR 19.50.
Therefore, although the government claims that the USD price has improved, looking at the rates at which USD is being exchanged, it is clear that this is not the truth.
The Maldives Monetary Authority (MMA) has said that under the foreign currency regulation they implemented for resorts to exchange dollars to banks, between USD 30 million and USD 40 million will be exchanged by mid-January. President Muizzu ratified the Foreign Currency Bill passed by the People's Majlis on 14 December 2024. Under the regulation, tourist resorts must exchange USD 500 per tourist at Maldivian banks.
During a trip to the islands of Haa Alif Atoll in the last week of January, the president in a meeting with the people of Hoarafushi island said that several resorts are cooperating with the Foreign Currency Law, which forces tourism businesses to exchange part of their dollar income at banks, and that so far USD 25 million has been exchanged.
It has been noted that supporters of the government are linking the president's statement about USD 25 million being exchanged under the Foreign Currency Law with the talk of dollar prices improving in the black market.
However, looking at the rates at which dollar exchange places are selling USD, it is observed that the USD price has not decreased.
