A friend traveling abroad gave me a call to say that he is buying Euro as no bank would sell him the 1,500 Dollars he needed today. It made me a little curious as to how our local banks could simply go on selling Euros at a time when the country has an acute shortage of hard currency. A few punches on the calculator will tell you how they do it. Banks in Male are selling Euro at Rf 18.13 which is actually a premium compared to the USD rate of 12.85. This is equivalent to paying Rf13.10 for a Dollar! Most people who happily buy Euros at this rate are somewhat beguiled into believing that they are avoiding a loss by not paying Rf13 or above for a Dollar. So, the next time you buy hard currency don’t buy Euros at this rate unless you have no problem with buying Dollars on the black-market for Rf13.10!
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6 comments:
thanks, bro.
You are right with the exchange rate. However, I wouldn't want to risk the dollars in the black market only to find out that some are fake when I'm abroad. I'd buy Euros anytime from a trusted bank, and have it rechecked.
The shortage is due to government policies of yester-years. The resort owners "sell" their beds prior to even before the resort is complete. He dumps his earnings into a foreign bank account the next day. All the money that should come into Maldives is earned by a tour operator in Europe (or elsewhere).
What Maldives gets is some pocket cash tourists spend on the streets. Talk about a tourism master plan... where has this lead the country?
I read tha article you posted about what himeyn ingilaab had to say about 50 year resort lease. I think you are wrong and Himeyn Ingilaab is right.
@anonymous 5:54 - yes, you are right. I think thats only a part of the problem. Its more complicated than that.
@anonymous 11:08 - thanks for your comment. Himeyn is entitled to its view and I'm entitled to mine. I dont think I have to agree with them on this one. I do respect and advocate for Himeyn's views on a number of issues such as introducing broad-based taxation in Maldives.
Thanks for the tip :-)
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