MMA to raise dollar sales to banks by 25 percent ahead of tourism off-season

The Maldives Monetary Authority will increase the amount of US dollars it sells to banks by 25 percent, the central bank said, in a move timed to the tourism off-season.

The MMA said the weekly volume of dollars sold to banks would rise by an overall 25 percent for three months from 28 June.

The central bank said the step was a temporary measure to ease foreign currency shortages in the banking system. It said the decision was taken because demand for outward payments remained steady during a period when foreign currency earnings from tourism decline.

The MMA said the increase aimed to make dollars easier to obtain for essential needs and to strengthen the services banks provide to customers during the off-season.

According to the central bank, foreign currency it sold to businesses and the public through banks in the first five months of 2026 rose 72 percent compared with the same period in 2025.

The MMA said one area of sharply higher demand was overseas travel for medical treatment and education. Foreign currency sold through banks for those purposes in the first five months of 2026 rose 78 percent year on year, according to the authority's figures.

Foreign currency sold for imports of fuel, staple foods, medicine and medical equipment rose 30 percent over the same period, the MMA said.

The central bank said it had taken corrective steps over the past two years to strengthen the foreign exchange market. These included enforcing the foreign currency law, amending regulations, improving foreign currency management, and working with banks to channel dollars toward priority needs.