The Maldives Monetary Authority (MMA) has decided to increase the amount of US dollars released to banks each week by 25 percent to ease foreign currency shortages in the banking system.

In a statement issued today, the MMA said the increased allocation will take effect from Sunday and remain in place for the next three months.

The authority said the measure is intended to ease difficulties arising from lower foreign currency inflows during the tourism off-season, while demand for overseas payments remains unchanged.

According to MMA statistics, the amount of US dollars sold through banks during the first five months of this year increased by 72 percent compared to the same period last year.

The figures also show that demand for US dollars for medical treatment and educational purposes has risen by 78 percent.