MMA increases dollar issuance to banks for Ramadan food imports
The authority said the current level of dollar issuance has been increased by 32 per cent.
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The Maldives Monetary Authority (MMA) has increased the amount of US dollars issued to banks to support food imports and address demand during the Ramadan period.
In a statement issued on Wednesday, the MMA said the increased dollar issuance will apply for three weeks from Tuesday. The authority said the current level of dollar issuance has been increased by 32 per cent.
According to the MMA, the measure is intended to ease demand for foreign exchange from banks for the import of basic food items during Ramadan. The additional foreign currency is expected to assist importers in making payments to overseas suppliers.
The central bank said the move is aimed at reducing constraints in the import process and ensuring continued availability of basic goods in the Maldivian market during a period of higher food consumption.
The MMA said the measure forms part of its efforts to manage seasonal demand for foreign exchange and to support the banking system during Ramadan.
