Maldives Monetary Authority (MMA) has increased the amount of USD sales to commercial banks.

MMA had already increased the amount of USD sales to banks twice this year, in light of the COVID-19 pandemic.

A press statement released by MMA noted that they will also be providing USD to the banks for essentials needs, and intents to keep these changes in effect till the end of the year.

The statement also added that the country has so far secured USD 354 million to mitigate the financial and economic impact of the pandemic. The significant increase in the amount is following the sale of bonds worth USD 250 million with State Bank of India (SBI).

MMA further said that hopeful signs have been emerging as the Maldives recorded 18,918 tourist arrivals since the border reopening, until the end of September. They also added the construction sector, too, is experiencing gradual improvement.