Speaker of the parliament Mohamed Nasheed has stated that the actual value of the US Dollar is MVR 17, and it should be risen up-to that rate.
MMA has established a rate of MVR 15.42 for the US Dollar. However, on the black market, it is offered for MVR 16 to MVR 17.
Speaker Nasheed addressed this at a meeting in Maradhoo on his visit to the Addu atoll. He has said that the Maldives’ foreign exchange reserve has been worryingly declining and that the US Dollar exchange rate needs to be raised.
According to Nasheed, the US Dollar is currently exclusively available on the black market, which is why the state still has it on hand at the rate of MVR 15.42. This, according to him, is one of the primary causes of the rising demand for black market.
He claims that once the banks begin to exchange US Dollar at the rate of MVR 17 per 1 USD, the black mrket will fall. He has also stated the MMA governor and the finance minister oppose increasing the dollar rate.
While the speaker said this, the administration consistently reassured the public that there was no reason for them to be concerned about the nation’s reserves.