The Maldives Monetary Authority (MMA) has increased the amount of US dollars it sells to banks by 25 per cent for the next three months to ease foreign currency shortages during the tourism off-season.

The central bank said the temporary measure, effective from today, is intended to improve the availability of US dollars within the banking system when tourism-related foreign currency inflows are typically lower.

MMA stated that the increase would help banks meet customers' essential foreign currency needs more efficiently and strengthen banking services.

According to the authority, banks sold 72 per cent more foreign currency to businesses and individuals during the first five months of this year compared with the same period last year. Foreign currency sales for medical treatment and education abroad rose by 78 per cent, while sales for importing essential goods, including fuel, food, medicines and medical equipment, increased by 30 per cent.