MMA: USD exchange rate will not go up

Central bank, Maldives Monetary Authority (MMA) has announced that no changes would be brought to the current USD exchange rate.

Some lawmakers had remarked during the parliamentary debate on projected State budget for 2017 that the USD exchange rate would go from MVR 15.42 to MVR 18 in 2017.

Governor of MMA, Dr. Azeema Adam reported to “Sun” this Saturday morning that there will not be any changes to the exchange rate, and that the central bank had enough to stabilize the market.

“We will do everything possible to keep the exchange rate stable,” said Dr. Azeema.

The increase in demand for USD during the school holiday has resulted in MMA announcing that it will be selling USD to Maldivian passengers travelling out of the country directly from its headquarters, from November 20 to January 7.

MMA will be issuing USD 500 per ticket, 7 days prior to date of departure.

MMA had been selling banks USD 1.2 million each week so that banks can re-sell USD to passengers at the rate of USD 500.