Government Working to Sort USD Exchange Rate Issue: Minister Saeed

Minister of Economic Development and Trade Mohamed Saeed said the government is working to address the USD exchange rate issue. The official rate is MVR 15.42, but a parallel black market exists with rates between MVR 16 and 19 per USD. Small businesses are most affected by high dollar prices. Bank of Maldives offers USD support to businesses with active accounts. The Maldives Monetary Authority sets the official rate. Saeed assured that the government aims to stabilize the exchange rate by the end of the year, but no adequate solution has been implemented yet.

Minister of Economic Development and Trade Mohamed Saeed said the government is working to address the USD exchange rate issue. The official rate is MVR 15.42, but a parallel black market exists with rates between MVR 16 and 19 per USD. Small businesses are most affected by high dollar prices. Bank of Maldives offers USD support to businesses with active accounts. The Maldives Monetary Authority sets the official rate. Saeed assured that the government aims to stabilize the exchange rate by the end of the year, but no adequate solution has been implemented yet.

Minister of Economic Development and Trade Mohamed Saeed said the government is working to address the USD exchange rate issue. The official rate is MVR 15.42, but a parallel black market exists with rates between MVR 16 and 19 per USD. Small businesses are most affected by high dollar prices. Bank of Maldives offers USD support to businesses with active accounts. The Maldives Monetary Authority sets the official rate. Saeed assured that the government aims to stabilize the exchange rate by the end of the year, but no adequate solution has been implemented yet.

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