The new dollar exchange rate displayed today at the main branch of Bank of Maldives (MBL). HAVEERU MMS 2323 PHOTO
MALE, April 11 (HNS) – Bank of Maldives (BML) will today trade US dollar at a selling price of Rf15.42 and at a buying price of Rf12.75 – a change that came into effect a day after President Mohamed Nasheed declared the dollar exchange rate within a 20 percent band of fluctuation around Rf12.85.
However, Bank of Ceylon, located next to the main branch of BML, will sell US dollar for Rf13.80 and buy for Rf13.60.
Other banks operating in the Maldives are also expected to announce the new exchange rates today.
A BML spokesperson said the bank is currently holding technical discussions on the dollar exchange rate of the bank and the maximum amount of dollars that will be traded per day.
“The exchange rate announced for today will not change later in the day. But the rate will change tomorrow as we’re currently holding discussions on the matter,” the official said.
Tokens for dollar exchange were not issued today from the Baazaar Branch of BML due to clashes that erupted as people began queuing outside the branch this morning.
Several who queued outside the bank today to trade US dollar said the dollar crisis would ease, as dollar is available even at a higher rate. Some, however, expressed refusal to sell dollar to the bank at the Rf12.75 buying price decided by the bank for today.
“An increase in the buying price will enable the bank to get more dollars. When dollar is not available for buying at a lower rate, the bank would not have any dollar to sell at a higher rate,” a BML customer said.
President Mohamed Nasheed yesterday declared the new exchange rate of Rufiyaa within a band of fluctuation of 20 percent around Rf12.85, allowing US dollar to be traded in the range between Rf10.28 and Rf15.42.
(source: http://www.haveeru.com.mv/english/details/35847 )
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