Dollar rate drops to MVR 17.80 amid tourism sector tax payments

US Dollars | Photo: Bol News

Male’, Maldives – Dollar exchange rate in Maldives decreases by a great extend to MVR 17.80 due to exchanging dollars for tax payment in the tourism sector.

While Maldives is an exchange market that is not controlled by the Government, the dollar exchange rate was initially at MVR 18.80 until it recently decreased by a great extent to MVR 17.80.

One of the main reason for this is the progress in the tourism sector of Maldives, along with the increase in dollars due to companies exchanging money for tax payment.

While the official dollar rate in Maldives is at MVR 15.42, there is no maximum limit to exchanging dollars within the country. The dollar rate in Maldives at one point increased upto MVR 20 during the beginning of Covid-19 pandemic.