The Maldives Monetary Authority (MMA), in collaboration with the Maldives Customs Service, is developing a new verification system aimed at improving the allocation of US dollars to businesses importing essential goods, as authorities continue efforts to strengthen access to foreign currency through the country’s formal banking system.
The initiative is being implemented under the MMA’s foreign exchange intervention policy and is designed to ensure that US dollars supplied by the central bank to commercial banks are efficiently directed towards importers bringing essential commodities into the Maldives. The system is expected to provide greater transparency and accuracy in the distribution of foreign currency while supporting businesses responsible for maintaining a reliable supply of important goods to the domestic market.
Under the proposed mechanism, authorities will be able to cross-reference foreign exchange transactions conducted through Telegraphic Transfer (TT) payments with physical import information recorded by the Maldives Customs Service. This will enable the MMA to verify that foreign currency provided for specific imports corresponds with goods that are actually being brought into the country.
The verification framework is expected to further strengthen oversight of foreign exchange allocations and support the efficient utilisation of available dollar resources. By linking banking transactions with customs import records, authorities will be better positioned to ensure that foreign currency allocated for essential imports reaches eligible businesses and is used for its intended purpose.
As part of preparations for the system, the MMA is also coordinating with the Ministry of Economic Development, Transport and Trade to formally identify businesses eligible to receive foreign currency allocations as essential goods importers. The collaboration between the central bank, Customs and the economic ministry is expected to establish a clearer and more coordinated process for identifying priority importers while helping maintain the steady availability of essential commodities across the Maldives.
Development of the system comes as demand for foreign currency through the banking sector continues to increase. The Bank of Maldives (BML) released more than USD 186 million to customers for TT payments between January and the end of July 2026. This represents an average of approximately USD 27 million per month, around USD 12 million higher than the monthly average recorded during the previous year.
The figures indicate growing utilisation of formal banking channels for international payments. During the first seven months of 2026, BML provided approximately USD 570 million to meet various foreign exchange requirements of its customers, equivalent to an average of around USD 2.7 million per day.
The higher level of dollar transactions reflects continued demand from businesses and individuals undertaking international payments at a time when the Government and monetary authorities are working to improve foreign currency availability and strengthen the domestic foreign exchange framework. Facilitating greater access to dollars through licensed banks is also expected to provide businesses with more predictable channels for meeting overseas payment obligations.
To further ease pressure on the foreign exchange market, the MMA announced an additional intervention on 11 August 2026, temporarily increasing the volume of US dollars sold to commercial banks for a period of three weeks. The measure is intended to improve dollar availability through the banking system while addressing increased demand for foreign currency.
The new essential-import verification system complements these wider efforts by introducing a more targeted mechanism for directing available foreign exchange towards priority areas of the economy. Ensuring reliable access to foreign currency for essential goods importers is particularly important for the Maldives due to the country’s dependence on imported products and international supply chains.
The Government’s continued coordination with the MMA, financial institutions and relevant state agencies represents an important part of ongoing efforts to strengthen foreign exchange management, support businesses and maintain the availability of essential goods. The introduction of improved verification and monitoring mechanisms is also expected to enhance confidence in the formal banking system and contribute to a more efficient and accountable foreign currency market.
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