MMA raises foreign currency supply to banks for seamless food imports in Ramadan

To support the uninterrupted import of food supplies for Ramadan, the Maldives Monetary Authority (MMA) has increased the foreign currency made available to commercial banks.

In a statement released Wednesday, the central bank said it will increase foreign currency sales to banks above standard rates for three weeks starting Tuesday. The additional allocation represents a 32 percent rise compared to standard rates.

MMA noted that the move is designed to address rising demand for foreign currency, particularly for the import of essential food items for Ramadan.

In this regard, the central bank detailed that the increased supply is expected to help importers meet payment obligations to international suppliers, ease supply chain constraints, and ensure adequate availability of essential products in the domestic market.

It described the measure as part of its broader efforts to maintain foreign exchange stability and reinforce the banking sector.

However, despite these measures, the US dollar continues to trade above MVR 20.20 in the black market, leaving many citizens unable to access foreign currency at official rates.