Black market USD rates surge past MVR 22.85!
20 އޯގަސްޓު 2026 | ބުރާސްފަތި 11:06As the dollar shortage in the black market worsens and exchange rates continue to soar, financial experts forecast that the rate could reach MVR 25 per dollar by the end of the year. To address this crisis, a parliamentary committee has approved a legal amendment to impose fines of up to half a million Rufiyaa on those found encouraging or facilitating the trade of foreign currency at rates exceeding the official government peg.
Maldivian coins placed atop a stack of United States dollar banknotes. | iStock
The exchange rate for the US dollar has surged above MVR 22.85 in the black market.
Business owners who spoke to RaajjeMV reported a steady rise in the value of the US dollar, noting that the black market rate stood at MVR 22.50 on Wednesday morning. However, by Wednesday evening, the rate had climbed to MVR 22.85, with traders further highlighting increasing difficulties in sourcing the currency.
The official exchange rate set by the central bank, the Maldives Monetary Authority (MMA), stands at MVR 15.42 per dollar. However, current black market rates show a significant surge, trading at MVR 7.43 above the official peg.
As dollar exchange rates continue to climb steadily, financial experts forecast that the rate could reach MVR 25 by December this year.
Economic experts suggest that the continuous rise in the dollar exchange rate under President Dr. Mohamed Muizzu’s administration is a direct consequence of the government's newly implemented policies regarding the mandatory conversion of foreign currency by resorts.
Amid heightening concerns over the issue, the Parliament’s Public Accounts Committee on Wednesday approved an amendment to the Foreign Exchange Bill, criminalizing the advertisement or promotion of currency exchange rates outside the official limits set by the Maldives Monetary Authority (MMA). Under the new provision, using digital platforms or any other public medium to disseminate or encourage transactions at unofficial rates will be a punishable offense, carrying a fine of up to half a million Rufiyaa.
