The Maldives Monetary Authority announced a 32 percent increase in US dollars released to commercial banks for a three-week period beginning February 17, ahead of Ramadan, to help businesses import essential food items. The MMA said official reserves stood at USD 1.1 billion last month, the highest level recorded in the country's history.
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In a statement issued on Tuesday, the central bank said the temporary adjustment was introduced to accommodate seasonal demand for foreign currency, particularly to assist businesses at the Local Market in importing essential food items ahead of the holy month.
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This step was taken as a concession to the increased demand for foreign currency required for importing essential food items during Ramadan
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Maldives Monetary Authority (MMA) has announced a 32 percent increase in the amount of US dollars released to commercial banks for a three-week period beginning February 17, in preparation for Ramadan.
Word for word from the report in The Standard. Open the report
In July 2025, the USD allocation to banks for import-related telegraphic transfer (TT) and letter of credit (LC) payments was increased by 10 percent.
Word for word from the report in The Standard. Open the report
At the time, the MMA indicated that the change would lead to a 40 percent rise in dollar sales to small and medium-sized enterprises.
Word for word from the report in The Standard. Open the report
the Maldives’ official reserves stood at USD 1.1 billion last month — the highest level recorded in the country’s history.
Word for word from the report in The Standard. Open the report
Last year, total USD revenue reached USD 1.2 billion, while amendments to the Foreign Currency Act enabled the MMA to exchange USD 492 million.
Word for word from the report in The Standard. Open the report
amendments to the Foreign Currency Act enabled the MMA to exchange USD 492 million.
Word for word from the report in The Standard. Open the report
Maldives Monetary Authority (MMA) has announced a 32 percent increase in the amount of US dollars released to commercial banks for a three-week period beginning February 17, in preparation for Ramadan.
Word for word from the report in The Standard. Open the report
