MMA raises USD release to ease Ramadan imports

The Maldives Monetary Authority (MMA) announced a 32% increase in the amount of US dollars released to commercial banks for a three-week period starting February 17, in preparation for Ramadan. This temporary measure aims to accommodate seasonal demand for foreign currency, particularly to assist businesses at the Local Market in importing essential food items. The MMA stated the move is a concession to the increased demand for foreign currency during Ramadan, expected to reduce import bottlenecks and ensure continuous market supply as part of broader efforts to strengthen the foreign exchange framework.

The Maldives Monetary Authority (MMA) announced a 32% increase in the amount of US dollars released to commercial banks for a three-week period starting February 17, in preparation for Ramadan. This temporary measure aims to accommodate seasonal demand for foreign currency, particularly to assist businesses at the Local Market in importing essential food items. The MMA stated the move is a concession to the increased demand for foreign currency during Ramadan, expected to reduce import bottlenecks and ensure continuous market supply as part of broader efforts to strengthen the foreign exchange framework.

The Maldives Monetary Authority (MMA) announced a 32% increase in the amount of US dollars released to commercial banks for a three-week period starting February 17, in preparation for Ramadan. This temporary measure aims to accommodate seasonal demand for foreign currency, particularly to assist businesses at the Local Market in importing essential food items. The MMA stated the move is a concession to the increased demand for foreign currency during Ramadan, expected to reduce import bottlenecks and ensure continuous market supply as part of broader efforts to strengthen the foreign exchange framework.

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