Dollar Shortage
The dollar shortage, exchange rates and the new foreign exchange rules.
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Dollar shortage: a 40% resort rule is in force and usable reserves are down to USD 170 million
The Maldives tightened its foreign exchange rules on 1 September, but outlets report dollars selling at around MVR 23 against the official MVR 15.42, and usable reserves fell in September. The government, the opposition and the tourism industry read the situation differently.
Maldives Independent, MV+, The Standard Maldives, Sun Online, Atoll Times · 9 sources
Maldives Independent, MV+, The Standard Maldives, Sun Online, Atoll Times
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MMA governor urges resort audits over the dollar shortage; MIRA rejects claim of selective enforcement
The central bank governor told Parliament's Budget Committee that only USD 3.8 billion of the USD 5.9 billion tourism earns each year enters local banks, and that the tax authority should audit resorts. MIRA replied that its enforcement is impartial.
The Standard Maldives, Sun Online, Atoll Times, MV+ · 8 sources
The Standard Maldives, Sun Online, Atoll Times, MV+
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