Maldives central bank, Maldives Monetary Authority (MMA) said they had sold USD 650 million (MVR 10 billion) in 2021.
According to MMA’s annual report, 60 percent of the US Dollars sold from the bank was released to state-owned companies. This amounts to approximately USD 383 million (MVR 5.9 billion). USD 266 million (MVR 4.1 billion) was sold to commercial banks. USD 30 million (MVR 463 million) was sold to travelers.
The amount of US Dollars sold by MMA increased by 2.4 percent last year. Comparatively, they sold USD 634 million (MVR 9.7 billion) in 2020.
MMA had used the USD 400 million currency swap facility from the Reserve Bank of India last year to increase the supply of US Dollars in Maldives. The money collected for the currency swap was repaid in two installments.
Last year, the Dollar was valued between MVR 18 and MVR 17 in the black market. However, the Dollar is now valued at MVR 16.30-16.70 in the black market. The bank value for the US Dollars is USD 1 for the rate of MVR 15.42.