Business

Banks in Maldives boosted using foreign currency

The Maldives Monetary Authority (MMA) said on Saturday that it has raised the issued foreign currency to banks in the country to help the state-owned companies along with private businesses.

Ali Hashim. Governor of the MMA said that the Central Bank is trying to give foreign currency on demand, having a share kept for food, medicine, and other essential items purchases

The Maldives is currently facing problems resulting from the decline in foreign earnings due to the negatively impacted tourism sector during the coronavirus outbreak, and the supply of foreign currency in the MMA will depend on state reserve levels, the official added.

The limited foreign currency availability caused a rise in black market rates, as the current bank rate comes in at one USD to 15.42 Maldivian Rufiyaa, as the black market rates have stood at 18 Maldivian Rufiyaa.

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Source URL: Bing News :

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