Maldives Monetary Authority (MMA) has decided to increase the USD amount they release to banks by 32 percent for three weeks from 17th February.
MMA stated today that this decision was made in line with the beginning of Ramadan so that businesses at the Local Market will have an easier time procuring food items.
"This step was taken as a concession to the demand in acquiring foreign currency from banks which is used for importing essential food items during Ramadan," said MMA.
As per MMA, this will result in goods importers experiencing an ease of payment towards foreign suppliers. MMA also said that this will allow the congestion within the import system to decrease during a time food usage increases, facilitating essential goods being continuously available at the market.
"This is one of many important steps taken by MMA to strengthen the foreign currency exchange and to aid the banking system," said MMA.
MMA highlighted that such steps are a part of their special policy in managing the seasonal demand in foreign currency that comes with Ramadan.
The USD that is released to banks by MMA for imports with TT and LC payments was increased by 10 percent in July 2025. As per MMA at the time, this would result in USD sales to SMEs by 40 percent.
While the USD amount for businesses has increased, Maldives' official reserve reached USD 1.1 billion last month.
This is the highest the National Reserve has ever risen in Maldives' history. Last year's USD revenue saw USD 1.2 billion, with the amendments to the Foreign Currency Act seeing MMA exchange USD 492 million.
