The black-market dollar rate has surged above MVR 18.20 per dollar, driven by a sharp rise in demand and dwindling supply. Traders report severe shortages, with many unable to cater to large transactions.
Analysts predict the dollar’s value will continue to rise as banks impose stricter limits on dollar transactions, forcing more individuals to turn to the black market.
The Maldivian government had pledged to resolve the dollar crisis within three months, but the deadline has passed without a viable solution. The lack of transparency has left many questioning the effectiveness of the efforts made to date.
The Bank of Maldives has further tightened restrictions on dollar transactions. Despite President Mohamed Muizzu’s campaign promise to increase the dollar limit on bank cards, the limits imposed during the COVID-19 pandemic remain unchanged. New cards are now being issued with even lower limits.