The Maldives Monetary Authority (MMA) has increased the amount of foreign currency allocated to banks to facilitate the importation of essential food items ahead of the holy month of Ramadan.
The central bank announced that under this special measure, which will remain in effect for a three-week period starting from February 17, 2026, foreign currency sales to banks will be increased by 32% compared to the regular allocation. According to the MMA, this step was taken to alleviate the pressure caused by the heightened demand for foreign currency by banks to import essential commodities during the Ramadan period.
The MMA highlighted that this additional allocation of foreign currency will provide significant ease for importers in making payments to foreign suppliers. Furthermore, as the consumption of food items typically rises during this period, this initiative aims to reduce bottlenecks in the import system and ensure a continuous supply of essential goods in the local market.
This measure is part of the central bank’s ongoing efforts to strengthen the foreign exchange market and support the banking system. The MMA noted that such actions are consistent with its special policy to manage the seasonal demand for foreign currency during Ramadan.
In addition to these financial measures, the government is also making arrangements to ensure that essential food items remain accessible to the public without difficulty. The government has stated its commitment to ensuring that prices remain stable and affordable throughout this year’s Ramadan.
