The Maldives Monetary Authority (MMA) has increased the amount of US dollars it sells to commercial banks by 25 per cent to ease foreign currency shortages during the tourism off-season.
The increase came into effect today and will remain in place for the next three months.
According to the central bank, the additional dollar allocation is intended to help commercial banks meet demand for foreign currency at a time when tourism-related foreign exchange inflows typically decline.
The MMA said the measure is temporary and aims to ease foreign currency liquidity pressures within the banking system while ensuring smoother access to US dollars for essential transactions.
The authority added that the increased supply is expected to reduce foreign exchange shortages during the off-season and enable banks to better meet the needs of their customers.
The MMA also highlighted a significant increase in demand for foreign currency this year.
During the first five months of 2026, the volume of foreign currency sold by the MMA through commercial banks to businesses and individuals increased by 72 per cent compared with the same period last year.
According to the central bank, the sharpest increase in demand has come from overseas travel for medical treatment and education.
Foreign currency sold through commercial banks for medical treatment and education abroad rose by 78 per cent during the first five months of 2026 compared with the corresponding period in 2025.
The MMA also said foreign currency allocated for the import of fuel, staple food items, medicines and medical equipment increased by 30 per cent over the same period.