US dollar rate at black market spikes over MVR 18

The US dollar rate in the black market has spiked over MVR 18.

In this regard, US dollars are presently sold in the black market for prices between MVR 18.10 and MVR 18.30.

A businessman who spoke to Sun regarding the hike in the US dollar rate said prices of goods sold will see an increase as businesses are forced to purchase US dollars at high rates.

The US dollar rate had been at MVR 18 at the commencement of this year. It significantly plummeted in the subsequent months. Back then, Economic Minister Mohamed Saeed said the government was aiming to resolve the US dollar shortage faced in the Maldives within four months.

However, the US dollar rate spiked following the conclusion of the tourism peak season.

Notably, there are no changes to the bank rate for US dollars which remains at MVR 15.42. Nevertheless, as banks cap the number of US dollars disbursed daily, businessmen and travelers who require additional US dollars are forced to seek alternative sources such as the black market.