Black market rate for USD soars to MVR 22.10

The exchange rate for US dollars in the Maldives black market has risen above MVR 22.

According to information available on Sunday from social media groups operated by currency traders, the exchange rate is currently above MVR 22.10.

This marks a sharp climb from the official USD exchange rate of MVR 15.42 set by the central bank.

The Maldives has seen the black-market USD rate climb from MVR 17 two years back to a record high.

Demand for dollars from the black market has skyrocketed due to the scarcity of foreign currency within the formal banking system for imports, coupled with the foreign currency required to meet Maldives’ staggering external debt obligations.

The rising value of the dollar poses huge challenges for importers, driving up prices of goods in the Maldivian market.