Based on the statistics published by Maldives Inland Revenue Authority (MIRA), US Dollar income for January and February has declined by 28% compared to the same period of previous year.
Maldives has received USD 87 million so far this year compared to USD 122 million received during January and February of 2020. This is a 28% decline.
Despite the economy recovering after the resumption of tourism operations, Maldives is still facing a shortage in US Dollars. Financial institutions such as Bank of Maldives (BML) have curbed the withdrawal limit of US Dollars to bring down the high exchange rate for US Dollars on the black market. US Dollar was exchanged at around MVR 20 at the height of the pandemic.