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Statement by IMF Staff Mission to the Maldives

Press Release No. 11/127
April 11, 2011

Mr. Jonathan Dunn, the International Monetary Fund’s (IMF) mission chief for the Maldives, issued the following statement today in Washington:

“The Maldives government adopted a new exchange rate regime under which the Maldivian rufiyaa (MRF) will float in a band of 20 percent in either direction around a central parity of MRF 12.85 per U.S. dollar. IMF staff supports this decision made by the authorities.

“We remain in close contact with the authorities and are ready to offer any technical assistance that they may request. Today's bold step by the authorities represents an important move towards restoring external sustainability.”

(Source: IMF )

Maldivian banks introduce new dollar exchange rates, BML sells dollar for Rf15.42

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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Maldives invites William and Kate for royal honeymoon

Future married couple Prince William and Kate Middleton. PHOTO/ AFP

MALE, April 10 (HNS) – The Maldives has invited Britain’s Prince William and Kate Middleton to spend their honeymoon in the Maldives, an up-market tourist destination in the Indian Ocean, after their marriage on April 29.

Maldivian Tourism Minister, Dr. Mariyam Zulfa, said the invitation was sent to the royal couple last week and is pending a reply.

Dr. Zulfa stressed that Prince William, the second-in-line to the British throne, and his fiancée Middleton, were invited to spend their honeymoon in the Maldives because the country has maintained a close relationship with the UK in addition to being a member of the Commonwealth.

“The invitation has been sent to Buckingham Palace. The Maldives sent the invitation as other Commonwealth member countries are also sending such invitations. Moreover, Prince Andrew is a close friend of President Nasheed. We sent the symbolic invitation and it is pending a reply,” she said.

About two billion people worldwide are expected to watch the marriage at Westminster Abbey on April 29.

( Source: http://www.haveeru.com.mv/english/details/35834 )

Maldives President declares pegged dollar exchange rate

MALE, April 10 (HNS) – President Mohamed Nasheed has declared the new exchange rate of US dollar as not less than 20 percent of Rf12.85 and not more than 20 percent of the Rf12.85 rate.

Commencing from tomorrow, US dollar can be exchanged for a rate in the range between Rf10.28 and Rf15.42.

President Nasheed has also sent a letter to the governor of Maldives Monetary Authority (MMA) Fazeel Najeeb, requesting him to announce the new exchange rate, as stipulated by Article 13 of the Maldives Monetary Authority Act.

In a statement issued this afternoon, MMA announced that the new “selling price of US dollar is with a 20 percent band to the Rf12.85 rate”, as President Nasheed today made the decision to change the dollar exchange rate with the recommendation of the Directors Board of MMA, according to Article 13 of the Maldives Monetary Authority Act.

MMA, in its statement, also declared that US dollar could be exchanged for a rate in the range between Rf10.28 and Rf15.42.

MMA was not available for a further comment today.


(source: http://www.haveeru.com.mv/english/details/35840 )

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