MMA, Customs Developing Verification System for Dollar Allocation to Essential Goods Importers

The initiative is intended to strengthen oversight of foreign currency allocations and ensure dollars provided through the banking system are used for the intended imports.

Mohamed Hilmy

24 August 2026, 07:58

The Maldives Monetary Authority (MMA) has begun work with the Maldives Customs Service to establish a verification system aimed at ensuring US dollars supplied to banks under the central bank’s foreign exchange intervention policy are allocated to importers of essential goods.

According to the MMA, the system will be used to verify that parties making foreign exchange transactions through Telegraphic Transfer (TT) are actually importing the corresponding goods into the Maldives.

The initiative is intended to strengthen oversight of foreign currency allocations and ensure dollars provided through the banking system are used for the intended imports.

The MMA also said efforts are underway with the Ministry of Economic Development, Transport and Trade to identify businesses involved in importing essential goods.

The verification mechanism is being developed as part of broader efforts to improve the targeting and monitoring of foreign currency provided for essential imports.

MMA, Customs Developing Verification System for Dollar Allocation to Essential Goods Importers

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