Investigations conducted from October last year to June this year reveal that $76.5 million has circulated within the Maldives’ black market. A significant portion of this involves resorts, fuel importers, the construction sector, and licensed money exchangers. Notably, the investigation disclosed that over $16 million was released into the black market specifically by resorts to acquire Maldivian Rufiyaa.
While the Parliament has mandated that large businesses earning in foreign currency must exchange 40% of their revenue through local banks to address the dollar shortage, the Maldives Association of Tourism Industry (MATI) has expressed concern, stating this would cause financial difficulties for businesses. However, despite claims of high dollar-denominated expenses, the investigation confirms that substantial amounts of foreign currency are being exchanged on the black market.
