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Black market USD rate spikes over MVR 17

Fathmath Shaahunaz
16 July 2016, MVT 10:31
A man withdraws USD notes from a dollar ATM in the capital Male. MIHAARU PHOTO/NISHAN ALI
Fathmath Shaahunaz
16 July 2016, MVT 10:31

The US dollar black market rate in the Maldives has spiked to MVR 17.10 per dollar due to a lull in tourism and influx of foreign currency.

A US dollar dealer told Mihaaru that dollar rates on the black market has increased from MVR 16.70 during the Islamic holy month of Ramadan to the current MVR 17.10. He explained that the main reason for the hike was the low income of US dollars from tourist resorts.

“Also, large numbers of locals went abroad for Umrah (non-mandatory Islamic pilgrimage to Mecca, Saudi Arabia) and over the Eid holidays. That’s why we couldn’t get dollars easily,” the dealer explained.

The anonymous exchanger declared that all dealers on the black market, including those who trade in USD 100 and USD 200, currently do not sell dollars at any rates lower than MVR 17 per dollar.

“The rates vary if customers buy in cash. The rates are lower for cheques and transfers.”

While dollar exchanges for rates above the standard rate of MVR 15.42 per dollar as specified by Maldives Monetary Authority (MMA) are illegal, traders and other buyers often opt to buy US dollars from the black market due to lack of sufficient dollar availability at banks.

Meanwhile, the nation’s main bank, Bank of Maldives (BML) has recently disclosed that the bank had sold over USD 5 million to more than 4000 customers over the Eid holidays.

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