Maldives’ black market dollar rate declines amid new currency regulations

The black market exchange rate for the US dollar in the Maldives has decreased by 50 laari from MVR 19.20, according to Mohamed Firaq, CEO of Inner Maldives. This decline is attributed to the implementation of the Foreign Currency Act (Law No. 32/2024), effective January 1, 2025, which mandates conversion of foreign currency earnings through local banks. For example, tourist resorts must convert USD 500 per tourist per month or 20% of sales. President Dr. Mohamed Muizzu affirmed uniform enforcement with no exemptions. The government aims to stabilize foreign exchange and reduce black market reliance, and the rate decrease suggests these initiatives are yielding positive results.

The black market exchange rate for the US dollar in the Maldives has decreased by 50 laari from MVR 19.20, according to Mohamed Firaq, CEO of Inner Maldives. This decline is attributed to the implementation of the Foreign Currency Act (Law No. 32/2024), effective January 1, 2025, which mandates conversion of foreign currency earnings through local banks. For example, tourist resorts must convert USD 500 per tourist per month or 20% of sales. President Dr. Mohamed Muizzu affirmed uniform enforcement with no exemptions. The government aims to stabilize foreign exchange and reduce black market reliance, and the rate decrease suggests these initiatives are yielding positive results.

The black market exchange rate for the US dollar in the Maldives has decreased by 50 laari from MVR 19.20, according to Mohamed Firaq, CEO of Inner Maldives. This decline is attributed to the implementation of the Foreign Currency Act (Law No. 32/2024), effective January 1, 2025, which mandates conversion of foreign currency earnings through local banks. For example, tourist resorts must convert USD 500 per tourist per month or 20% of sales. President Dr. Mohamed Muizzu affirmed uniform enforcement with no exemptions. The government aims to stabilize foreign exchange and reduce black market reliance, and the rate decrease suggests these initiatives are yielding positive results.

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