The parallel market for US dollars continues to operate in the Maldives despite new legal restrictions on reporting and trading currency above the official rate.
Traders have adapted their methods, and unofficial rates remain significantly higher than the central bank’s published rate. Authorities have conducted raids and blamed media coverage for sustaining demand at inflated prices, yet the black market has not disappeared.
The persistence of the parallel market complicates import financing, remittances and the pricing of everyday goods. The Maldives Monetary Authority and other agencies have intensified enforcement against unlicensed dealers as part of a wider campaign.
Business groups continue to cite limited access to official foreign exchange as a major operational constraint.
