Maldives Monetary Authority (MMA) states the USD Reserve of the state will only be used for fundamental expenses related to the public.
Executive Director of the Monetary Policy Research and Statistics Division at MMA Ahmed Imad said funds will only be withdrawn from the reserve for fundamental expenses such as food and essential items used in daily lives of the public. Imad said a list of common essential items used in households has been prepared to estimate the monthly expenditure on such items.
The executive director expressed confidence the Maldives can maintain the current USD exchange rate despite the economic crisis. He noted MMA is implementing several important policies to ensure the stability of the exchange rate.
Imad said the USD demand is comparatively low right now, as food import and purchase of items for the tourism sector is very low. However, he acknowledged there have been some pressure on some exchange markets due to the limited USD income amid the COVID-19 pandemic. He said all relevant authorities are working together to mitigate the financial impact of COVID-19 and ensure a swift recovery.