In a notable shift, prominent Maldivian business figures report a decrease in the black market exchange rate for the US dollar, attributing this trend to recent governmental reforms in foreign currency management.
Mohamed Firaq, CEO of Inner Maldives, highlighted this development on X (formerly Twitter), stating that the black market dollar rate, previously at MVR 19.20, has now decreased by 50 laari. He emphasized the significance of this change for businesses, particularly in the aviation sector, and described it as a positive indicator for the nation’s financial health.
އެއްބަސްވިޔަސް ނުވިޔަސް ކަމެއް ބަދަލުވެއްޖެއެވެ.
މިއަދު ކަޅު ބާޒާރުގައި ޑޮލަރުގެ އެކްސްޗޭންޖް ރޭޓް ކުރިން ހަފްތާތަކުގައި 19.20ރ އަށް ވުރެ 50 ލާރި ދަށެވެ . މިއީ ވިޔަފާރިތަކަށް، ޚާއްޞަކޮށް އޭވިއޭޝަން ދާއިރާގައި މަސައްކަތްކުރާ ވިޔަފާރިތަކަށް ފަހި ދުވަހެކެވެ. ގެއްލުން ފޫބެދިދާނެ…
— Mohamed Firaq (@mohamedfiraq) February 1, 2025
This decline coincides with the implementation of the Foreign Currency Act (Law No. 32/2024), which came into effect on January 1, 2025. The Act mandates that businesses receiving foreign currency income must convert a specified portion of their earnings through local banks. For instance, tourist resorts are required to exchange either USD 500 per tourist per month or 20% of their gross monthly sales, while guesthouses must convert USD 25 per tourist per month or 20% of their monthly sales.
President Dr. Mohamed Muizzu has affirmed the government’s commitment to enforcing this legislation, stating that the Foreign Currency Act will be implemented uniformly, with no exemptions.
The government’s proactive measures aim to stabilize the foreign exchange market and reduce reliance on black market transactions. The recent decrease in the black market dollar rate suggests that these initiatives are beginning to yield positive results, offering optimism for the nation’s economic trajectory.
