MMA Raises Weekly Dollar Sales to Banks by 51%
The central bank has increased the amount of US dollars it sells to commercial banks each week by 51 percent for the next three weeks, aiming to ease pressure on the foreign currency market.
By Rishwan Share
The Maldives Monetary Authority (MMA) has decided to raise the weekly amount of US dollars it sells to commercial banks by 51 percent, in a move aimed at easing access to foreign currency through the banking system and providing relief to the broader currency market.
According to MMA, the change takes effect from this week and will remain in place for the next three weeks. The central bank said the goal is to widen the channel through which banks can access foreign currency, helping ease difficulties faced by businesses in securing funds needed to import goods.
The move comes as the rufiyaa has continued to weaken against the dollar on the parallel market, with the exchange rate hitting a record high. The dollar was trading at MVR 22.25 on the black market at the time of the announcement.