US Dollar once again hikes up in exchange ratio against Maldivian Rufiyaa, reports local news.
According to the latest updates, the Greenback is currently exchanging at a rate of 1 USD is to MVR18.50.
Earlier, due to the Covid-19 pandemic hitting the country’s economy, Dollar soared to hit an exchange of MVR20 per 1USD.
However, with the intervention of Maldives Monetary Authority (MMA) the exchange hike saw dip to MVR16.50 eventually.
Meanwhile, this recent hike up once again puts stress on registered money exchangers to adjust their rates to ‘black market’ rates in order to offset loss.
Although tourist arrivals to Maldives currently saw a boost, which remains constant, it does not guarantee Dollar retainership.
Furthermore, Maldives central bank attests sale of over USD600 million in 2020 in their attempt to adjust the exchange surge.