MMA: USD 4 million sold weekly - reduce international travel

Maldives Monetary Authority (MMA) has said that over USD 4 million are being sold to those travelling abroad and called to reduce international travel and choose local islands for holidays.

Information Officer of MMA, Mansoor Zubair told Sun Media that in an effort to provide a solution for travellers having difficulty acquiring US Dollars, MMA sells USD 4,300,000 to the local banks on a weekly basis.

While going abroad for holidays have become a common norm, Mansoor said that it is important to choose local destinations for the holidays to reduce the demand for USD to keep that money in the country.

MMA said that USD 2,662,000 was sold to the companies providing Hajj Pilgrimages this year. And to provide a safe way to acquire the money needed by the companies, a withdrawal system through prepaid cards have been arranged through the Bank of Maldives (BML) and sold USD 1,619,814.45 according to MMA.

The Central Bank, MMA said that to provide USD for Hajj Pilgrims, USD 1,550,000 have been sold to Pilgrims at a rate of USD 500 per head.

As the Hajj and Eid season looms, the USD price on the black market has risen to MVR 17. MMA has ordered the Police and the banks to stop the black market trades.