The Maldives Monetary Authority (MMA) has decided to increase the supply of US Dollars to commercial banks by 25 percent to coincide with the tourism off-season. This temporary measure, effective for three months starting from June 28, aims to mitigate foreign exchange constraints during a period when tourism-driven currency inflows typically decline.
The primary objective of this adjustment is to facilitate essential services through the banking system, particularly addressing the high demand for foreign currency related to medical travel, overseas education, and the importation of essential commodities. According to MMA statistics, the volume of foreign currency sold through the banking sector during the first five months of this year has shown a substantial increase compared to the same period last year.
