MMA developing verification system to ensure dollars reach essential-goods importers

The Maldives Monetary Authority (MMA) has revealed that efforts are underway to establish a verification system with the Maldives Customs Service to track foreign currency sold to banks under the Maldives’ Foreign Exchange Intervention Policy.

The MMA said it is working with Customs to ensure that foreign currency issued through TT is actually used for importing goods into the Maldives.

In addition, the MMA is working with the Ministry of Economic Development, Transport and Trade to identify importers of essential goods.

As the Maldives is an import-dependent country, TTs issued through banks are a key financial channel for businesses to bring in goods.

The MMA has been taking measures to ease pressure on the foreign exchange market following a decline in dollar inflows since February. The drop in inflows was driven by a slowdown in the tourism industry due to unrest in the Middle East.

BML has now increased the amount of dollars it issues to online trading platforms such as Temu.