MMA boosts bank USD allocations by 10 percent
MMA has increased USD allocation to Maldivian banks by 10 percent for business purposes
MMA Governor Ahmed Munawar: MMA has increased amount of USD allocated to bank
The Maldives Monetary Authority (MMA) has decided to increase the percentage of U.S. dollars allocated to Maldivian banks for business purposes, including import TTs and LC payments, by 10 percent.
On Tuesday, the central bank revealed that the change will be implemented beginning this week, and as a result, it will enable banks to increase the amount sold to Small and Medium Enterprises (SMEs) by 40 percent.
Since June 2025, the percentage of foreign currency that currency that banks are required to sell to MMA weekly has been increased from 60 percent to 90 percent. However, according to MMA's calculations, the additional 30 percent that banks exchange is being sold back to the banks every week.
The island nation’s central bank highlighted that the main purpose of the change is to provide foreign currency needed by businesses through the weekly foreign currency sales by banks in a more robust and equitable manner than at present.
The 30 percent that MMA returns to banks is used for special purposes. This includes spending on various essential public needs and importing food items.
Statistics revealed by MMA show that with the changes to the Foreign Exchange Act, the percentage of dollars sold to SMEs through banks currently stands at around 30 percent.
However, MMA revealed that the central bank's target is to increase the amount given to these businesses through banks to 50 percent.
