The Maldives Monetary Authority (MMA), in collaboration with Maldives Customs Service, is developing a verification system to streamline the provision of US Dollars to importers of essential goods and to ensure that commodities are being imported into the country via Telegraphic Transfers (TT). Furthermore, efforts are underway with the Ministry of Economic Development and Trade to identify such businesses. Notably, the Bank of Maldives (BML) has facilitated over USD 186 million for TT payments during the first seven months of this year. Additionally, to alleviate pressures on the foreign exchange market, the MMA has decided to increase the volume of US Dollars sold to banks over the next three weeks.
