The Maldives Monetary Authority (MMA) has announced a 25% increase in the foreign currency allocated to commercial banks for the next three months, effective today, to coincide with the tourism off-season. This temporary measure is designed to address the challenges arising from high foreign payment demands during periods of lower tourism revenue, thereby facilitating easier access to US Dollars for essential requirements. Furthermore, noting the substantial demand for foreign exchange related to medical expenses and overseas education, the MMA highlighted that the volume of foreign currency sold by banks during the first five months of this year has seen a significant increase compared to the same period last year.
