Minister of Economic Development and Trade Mohamed Saeed says the US dollar rate in the country is expected to fall, and more measures are ahead.
In a post on 'X,' Minister Saeed said that the timely planning and hard work of President Dr. Mohamed Muizzu helped the country move out of the difficult situation it was in back in November of 2023.
The Minister said that the US Dollar rate in the Maldives has started to settle down despite hikes coinciding with Ramadan, increased Umrah trips, and high imports.
He assured us that the rates are expected to fall with more measures in place.
Before Ramadan, 1 USD sold for MVR 18 or MVR 20 on the black market. But now the black-market price of 1 USD has fallen to MVR 17.
Immigration and police have recently conducted a special operation against selling dollars on the black market. The operation arrested seven foreigners who were selling dollars in Sri Lanka. Immigration has said it will conduct more such operations in the future.
