USD black market demands gain traction, spikes over MVR 18

Maldives' black market rate for the United States Dollar (USD) has reportedly risen to exchange rates of MVR 18 per dollar.

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A man withdraws US dollars from a Bank of Maldives Dollar ATM. PHOTO: NISHAN ALI / MIHAARU

Ahmed Aiham

2020-07-09 10:28:40

Maldives' black market rate for the United States Dollar (USD) has reportedly risen to exchange rates of MVR 18 per dollar.

The sudden increase is widely attributed to the country's tourism industry having ground to a halt, amid the global travel restrictions imposed over the ongoing COVID-19 pandemic, which have severely impacted the usual influx of foreign currency.

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