The Maldives Monetary Authority (MMA) has temporarily increased foreign exchange supply to commercial banks to support essential imports during Ramadan.

The central bank said that under a special arrangement effective from Tuesday for a period of three weeks, it will raise the volume of foreign currency sold to banks by 32 per cent above the level provided under the standard mechanism.

The MMA noted that demand for foreign currency typically rises during Ramadan, particularly for the import of essential food items. The additional allocation is intended to ease seasonal pressure on the foreign exchange market and enable businesses to secure the currency required to import goods.

The authority stated that the measure is expected to facilitate smoother payments to overseas suppliers, reduce delays in the import process and help maintain stable supplies of essential commodities in the domestic market.

In a related development, the State Trading Organization (STO) has assured that 23 items classified as essential goods will remain available across its outlets. Last year, the Government expanded the list of basic food items imported and distributed in bulk through STO as part of efforts to stabilise prices and ensure supply continuity during periods of high demand.