In yesterday's Public Accounts Committee meeting, MMA had refuted the notion that they reduced the amount of USD issued to commercial banks and stated that the amount of foreign currency issued to banks will be higher this year in comparison to last year.
Deputy Governor of the central bank, Maldives Monetary Authority (MMA), Ahmed Imad has stated that the amount of USD issued to national commercial banks in the country will see an increase this year compared to last year.
While Senior Officials of MMA were summoned to the Parliament's Public Accounts Committee, MP of the Maradhoo Constituency, Ibrahim Shareef had recalled that Bank of Maldives (BML) formerly disbursed dollars upto 25 percent to allow purchase of foreign currency essential for businesses.
He further enquired with the officials whether if this amount was lowered consequent to MMA holding back the USD funds.
Responding to this question, Imad stated that the amount of foreign currency issued to banks or the intervention of MMA remains unchanged and has not been lowered.
"Additional changes cannot be brought. But noticeably, it seems to be changes brought to their [BML]'S business operations. But the amount released to banks by MMA in 2024 will have risen compared to the amount issued in 2023," said Imad.
Responding to a question directed by another parliamentarian, Assistant Governor of MMA, Idham Hussain stated that nearly USD 260 million has been issued to banks last year while a rise to USD 314 million is presumed to be observed this year.
BML had declared even previously that challenges are faced in acquiring foreign currency. Even despite the State's decision to increase the card limit of students residing overseas, the Bank had refused, claiming it was impossible to do so at present.
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