The Maldives Monetary Authority (MMA) on Monday increased the limits on additional sale of the US dollar to commercial banks in the country. 

The move comes as a relief to its foreign exchange market which has been in tatters as the country’s tourism industry- a big source of forex - faced a near shutdown due to the COVID-19 restrictions. 

MMA, in a statement, said that it finds it crucial to take additional measures to relieve the pressure of on the forex market, and therefore the decision to allow the additional increase in sales of USD to commercial banks has been taken. 

MMA also issued USD to various commercial banks to facilitate the imports of essential commodities to the country. 

The governmnent is hoping for a revival in the tourism sector as it opened its border on 15 July. The growth is steady though slow, and would take time to match the pre Covid level.   

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