News Desk
The Maldives Monetary Authority (MMA) has announced a 51 percent hike in dollar sales to local commercial banks for the next three weeks, aimed at easing severe foreign exchange pressures and clearing import backlogs.
In a statement today, the central bank said the injection will directly help businesses struggling to process Telegraphic Transfers (TTs) and Letters of Credit (LCs) for essential imports.
The move comes as the local forex market continues to face heavy pressure due to lower dollar inflows—a ripple effect from the Middle East conflict earlier this year that knocked tourism recovery off track.
MMA has been stepping in with periodic interventions throughout the year to stabilize the market:
- Ramadan Support: Increased dollar sales by 32 percent to food importers to prevent sharp price spikes during the holy month.
- Off-Season Relief: Bumped weekly allocations to banks by 26 percent in June to cover the tourism off-peak period through September.
With this latest 51 percent boost starting this week, the central bank is aiming to provide immediate breathing room for importers and bring much-needed relief to the parallel market.