Dollar Hits Record MVR 20.20 in Black Market, Tops 2020 Pandemic Peak

The US dollar reached a record MVR 20.20 in the black market on Thursday, surpassing the previous high during the COVID-19 pandemic. The surge follows a new regulation requiring resorts and guesthouses to convert 20% of foreign currency earnings into Rufiyaa through local banks. Despite government assurances, the rate rose. The official rate is MVR 15.42.

The US dollar reached a record MVR 20.20 in the black market on Thursday, surpassing the previous high during the COVID-19 pandemic. The surge follows a new regulation requiring resorts and guesthouses to convert 20% of foreign currency earnings into Rufiyaa through local banks. Despite government assurances, the rate rose. The official rate is MVR 15.42.

The US dollar reached a record MVR 20.20 in the black market on Thursday, surpassing the previous high during the COVID-19 pandemic. The surge follows a new regulation requiring resorts and guesthouses to convert 20% of foreign currency earnings into Rufiyaa through local banks. Despite government assurances, the rate rose. The official rate is MVR 15.42.

This story involves 1 source and may affect public understanding of rufiyaa depreciation / currency crisis.