MMA launches dollar reference at Rf 14.75

The Maldives Monetary Authority (MMA) has published a dollar reference exchange rate of Rf 14.75, in an effort to give an approximate determination of the value of the currency.

Currency exchangers are permitted to sell dollars within a 20 percent band of the pegged rate of Rf 12.85, after the government launched a managed float of the rufiya earlier this month. Rf 14.75 is roughly the value of exchange on the black market prior to the managed float.

Banks are required to submit their daily rates to the MMA.