US Dollar exchange rate has fallen to MVR 16 in black market after surging up to MVR 20 during the peak pandemic.
Most people are now trading US dollars for MVR 16.25 this week after major financial institutions took measures to stabilize the exchange rate.
However, several authorized money exchange outlets are still trading for MVR 18 or above.
US Dollar in the black market are heavily traded via Viber groups.
Maldives faced a huge loss in foreign revenue during the closure of border last March. The economy is finally showing signs of recovery since the border reopening as more resorts and guest houses are now in full operation.
Several accusations have been made against MMA and other financial institutions incapibility to maintain a stable US Dollar circulation in the Maldives economy.