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MDP Seeks Urgent Meeting With Central Bank Governor as Dollar Hits Record High

The main opposition Maldivian Democratic Party's parliamentary group has formally requested an urgent meeting with the Governor of the Maldives Monetary Authority over a worsening dollar shortage and a growing black market for US dollars. The black market rate reached a record MVR 20.20 per dollar this week, compared with the official MMA rate of MVR 15.42.

Tracked MVR 20.20 Street dollar rate

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What are the key figures?

Sources 1carried it 1 of 19 news outlets we monitor
Figures3as written, with their sentences

One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.

What happened

in order; days are read from the reports' words and dates
  1. Thu 1 Jan
    The Foreign Exchange Act came into force. 1 Jan only Maldives Republic the Foreign Exchange Act, which came into force on 1 Jan.

    Word for word from the report in Maldives Republic. Open the report

Who said what

the reports' own quoted words, each once
  • Traders are being forced to halt imports due to a shortage of dollars, driving up the prices of essential goods and resulting in shortages of basic commodities.

    the MDP parliamentary group letter Maldives Republic Open the report (Maldives Republic)

How the reporting differs

one source so far

Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.

Figures in these reports

as written, with the sentence they come from
  • MVR 20.20 Black market US dollar rate Maldives Republic the US dollar rate on the black market hit a new peak of MVR 20.20 this week, surpassing the highest level recorded during the COVID-19 pandemic in 2020.

    Word for word from the report in Maldives Republic. Open the report

    Earlier reports gave MVR 20.20 17 Jul, 12:04 Maldives Republic

  • MVR 15.42 Official exchange rate set by MMA Maldives Republic The official exchange rate, set by the MMA at MVR 15.42 per dollar and allowed to fluctuate within an authorised band, contrasts sharply with the black market rate

    Word for word from the report in Maldives Republic. Open the report

  • 20 percent Share of foreign currency earnings resorts and guesthouses must convert into Maldivian Rufiyaa Maldives Republic a recent regulation requiring resorts and guesthouses to convert 20 percent of their foreign currency earnings into Maldivian Rufiyaa

    Word for word from the report in Maldives Republic. Open the report

    Earlier reports gave 20% 17 Jul, 12:04 Maldives Republic

Other events named

no clear day, as worded
  • The MDP parliamentary group formally requested a meeting with the Governor of the Maldives Monetary Authority over the dollar shortage and black market. Maldives Republic The main opposition Maldivian Democratic Party (MDP) parliamentary group has formally requested a meeting with the Governor of the Maldives Monetary Authority (MMA) over mounting concerns about the country's worsening dollar shortage and the growing influence of the black market.

    Word for word from the report in Maldives Republic. Open the report

Subjects

sectors and approved topics, alphabetical
Finance & bankingTrade & customs

Named in these reports

alphabetical
Governor of the Maldives Monetary Authority Governor of the Maldives Monetary Authority (MMA)Maldives Monetary Authority (MMA)Maldivian Democratic Party (MDP)Mohamed IbrahimMohamed Muizzu PresidentMohamed Saeed Economic Minister