MMA increases dollar supply to banks by 32% for Ramadan
This measure will facilitate easier payments to foreign suppliers for importers and help stabilize market prices. It is a strategic step taken to manage the seasonal surge in foreign currency demand during Ramadan, ensuring the uninterrupted supply of essential goods.
A cashier counts US dollars at a foreign currency exchange. | Getty Images | getty images
The Maldives Monetary Authority (MMA) has announced that it began releasing 32 percent more US dollars than its standard allocation starting Tuesday. In a statement, the central bank clarified that this measure aims to alleviate the increased demand for foreign currency by banks to facilitate the import of essential food items during the month of Ramadan.
The Maldives Monetary Authority (MMA) stated that the increased allocation of foreign currency will significantly facilitate importers in settling payments to international suppliers. The central bank further noted that this measure will alleviate logistical constraints within the import system during this period of heightened food consumption. This initiative aims to ensure a continuous and uninterrupted supply of essential commodities in the Maldivian market.
Ramadan marks the peak period for imports into the Maldives. The volume of goods, particularly food supplies, increases significantly every year during this month. The Maldives Monetary Authority (MMA) stated that these measures are part of its specialized policy to manage the seasonal surge in foreign exchange demand associated with the Ramadan period.
