The Maldives Monetary Authority (MMA) is boosting dollar sales to banks by 25 percent to ease foreign currency shortages during the tourism off-season.
According to MMA, the move is intended to ease pressure on foreign exchange availability during the tourism off-season, when tourism earnings decline while demand for US dollars remain high. MMA described the measure as a temporary intervention to improve access to foreign currency for essential needs.
The central bank will increase the amount of US dollars sold to banks for a period of three months, with the increased allocation provided weekly starting from 28 June.
In the first five months of 2026, MMA’s foreign exchange sales through banks to businesses and the public rose by 72 percent compared with the same period in 2025. Demand for foreign currency for overseas medical treatment and education increased significantly, with sales for these purposes up 78 percent year-on-year.
Foreign exchange sales for imports of fuel, cardboard, medicines and medical equipment also increased by 30 percent in the first five months of 2026, compared with the same period last year.
MMA said the additional dollar supply should ease shortages during the tourism off-season and help banks better meet customer demand.
The central bank noted that it has implemented several reforms over the past two years to strengthen the foreign exchange market, including the enforcement of foreign exchange regulations, regulatory reforms, improved foreign exchange management, and closer engagement with banks to secure foreign currency for priority needs.