Currency Control Restrictions on Dollars

Due do the shortage of dollars and to decrease the pressure on the exchange rate, Maldives Monetary Authority (MMA) has decided to ease the currency control restrictions on dollars for the months of September, October and November.MMA has informed that for the duration of these months, dollars will only be released to banks for importing essentials and continuous efforts are being made to keep the inflation rates the same.Additionally, in an effort to decrease the adverse effects on the official currency reserve, the currency swap agreement entered into with India which facilitated 150 million dollars for Maldives, has also been extended.