MMA dollar sales rise 172 percent in July as off-season demand climbs

MMA sold 172 percent more dollars in July than in June, driven by lower off-season tourism inflows and higher school-holiday demand for travel, medical treatment, and Umrah trips.

Sham'aan Shakir

14 August 2026, 09:45

The Maldives Monetary Authority (MMA) sold 172 percent more US dollars in July than in June, according to figures published by the central bank.

July was a month in which the total foreign currency sold by the MMA exceeded the total it received. The MMA said the main reason was lower foreign currency inflows during the tourism off-season.

Demand also rose because of the school holidays. Dollar sales for travel, medical treatment, and Umrah pilgrimages increased by 172 percent compared with June.

Reserves fall

Official reserves declined during the same period. The MMA's monthly reserve figures show gross official reserves fell from 686.8 million dollars to 638.0 million dollars at the end of July, a drop of 7 percent.

New measures for banks

The MMA decided on 11 August to increase the amount of dollars it sells to commercial banks. The increase applies for three weeks, starting from the current week.

Under the measure, the central bank will sell 51 percent more foreign currency to banks each week than it normally does.

The MMA said the aim is to ease difficulties businesses face in obtaining foreign currency for telegraphic transfers (TT) and letters of credit (LC) used to import goods.

The Maldives imports most of its food, fuel and construction materials. Foreign currency earnings depend heavily on tourism, which slows during the mid-year months.

MMA dollar sales rise 172 percent in July as off-season demand climbs

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