Malé, Maldives – The dollar rate in the black market has increased to MVR 19 again.
The dollar price increased again this time after a decrease in the prices earlier this year. The price of a dollar in February was MVR 16.50 which has currently increased prices between MVR 18.60 and MVR 19.
The traders in the business say that the increase in dollar price is due to an increase in demand and a decrease in dollar supply as there are difficulties in obtaining dollars recently.
The main source of dollars to Maldives is from tourism and the current Covid-19 situation in Maldives and other countries such as India has had a serious impact on the tourism industry yet again. The daily tourist arrivals have now decreased to about 2,500 tourists each day. This is the lowest number of daily arrivals in the past five months.
Maldives Monetary Authority (MMA) said that certain measures will be taken to solve the dollar supply issue to Maldives. This includes being able to pay with Maldivian Rufiyaa in card transactions in Maldives.
Central banks are also making efforts to increase the dollar supply. This includes obtaining USD 150 million last year under a currency swap agreement signed with Reserve Bank of India.