Business

Maldives boosts banks with foreign currency

MALE, July 11 (Xinhua) — Maldives has increased foreign currency issued to banks in order to support state-owned enterprises and private businesses, local media citing the Maldives Monetary Authority (MMA) reported here Saturday.

MMA Governor Ali Hashim was quoted in state media saying that the Central Bank is attempting to provide foreign currency on demand, with a portion reserved for the purchase of food, medicine, and other essential items.

Maldives faces challenges due to loss of foreign earnings from tourism during the COVID-19 pandemic, and MMA supply of foreign currency will depend on state reserve levels, Hashim said.

The limited availability of foreign currency has resulted in a hike in black market rates, with the current bank rate standing at one U.S. dollar to 15.42 Maldivian Rufiyaa, while black market rates have reached 18 Maldivian Rufiyaa, state media reported.

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Source URL: Bing News :

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