The Maldives Monetary Authority (MMA) has announced a significant increase in the amount of US dollars issued to banks to support the import of essential food items during the holy month of Ramadan.
Under a special three-week measure effective from 17 February, the central bank will raise its dollar sales to local banks by 32 percent above usual levels, aiming to ease foreign exchange pressures and ensure smooth food imports.
This policy is designed to help importers meet rising demand for staple goods, ensuring uninterrupted supplies in local markets while reducing payment delays for foreign suppliers. With food consumption typically surging during Ramadan, the MMA emphasised that the move will help stabilise commodity availability and prevent shortages.
The initiative forms part of the central bank’s broader strategy to strengthen the foreign exchange market and assist the banking sector in managing seasonal currency demands.
This is a targeted measure to address Ramadan-specific needs, MMA said, highlighting its commitment to mitigating economic disruptions during peak consumption periods.
Meanwhile, the government has assured the public of efforts to maintain affordable food prices throughout the month. The government has pledged that Ramadan will see stable, accessible pricing for essential goods, reinforcing social and economic stability during the month.