Published analysis
Read the full article on Maldives News: A newsroom now posts the dollar rate the MMA doesn’t
Standfirst. Adhadhu’s new tracker puts the street dollar at MVR 21.70, 40.73% over the peg, while the central bank’s site shows nothing dated August 2 or 3.
Key facts
- Adhadhu’s public tracker puts the street dollar at MVR 21.70, a record it says has held since July 29, 40.73% above the official rate of MVR 15.42.
- The MMA published nothing dated August 2 or 3; its website was checked at around 10:50am on August 3. Its last known action was a 25% increase in dollar allocations to banks for three months, announced June 27.
- Adhadhu attributes the squeeze to importers unable to source dollars through banks and heavy external debt repayments: MVR 9.35bn in loan repayments through July 23, roughly 2.5 times last year’s pace, per the Finance Ministry’s weekly report.
- June inflation data showed food up 7.28% year on year against a 2.56% headline rate.
- MDP has called a “Dhathivey” street protest over prices and the dollar for August 12 at 4:30pm near the Social Centre.
Signals & links
Dollar Shortage · Foreign Exchange · Sovereign Debt · Maldives Monetary Authority · Ministry of Finance · Maldives Economy