The exchange rate of US dollar in the Maldivian black market has lifted above MVR 18, according to recent findings.
US dollar is currently exchanged between MVR 18.10 and MVR 18.30 in the black market, and has been the case for some time.
According to local vendors and suppliers, this exchange rate hike will negatively reflect on the prices of goods; with inflation on consumer items expected.
The exchange rate of US dollar had observed a limbo at MVR 18 level earlier this year as well, but was expected to drop below this. Following the announcement made by Maldives Ports Limited (MPL) that it would begin charging stevedoring fees in US dollars, the exchange rate had observed a momentary decline in the rates.
Minister of Economic Development and Trade Mohamed Saeed back then said the government aims to bring a long-term solution to the black market exchange rate of US dollars within four months.