Maldives Monetary Authority

Maldives central bank refutes dollar cutoff rumours

Finance Ministry and local banks have denied rumours that the country's central bank has cut-off US dollar sales to banks and travelers going abroad.

Maldives Monetary Authority (MMA) spokesperson, Mansoor Zubair said that the USD500 offered to travelers going abroad still remains, insisting that it had never at any stage considered cutting off the offer.

He also said that MMA and the banks are working on an arrangement to make it easier for those traveling abroad to procure dollars.

Local media reports had indicated that MMA has decided to bring an end to dollar sales for those traveling during next month, and that they had unofficially informed the banks of the decision.

"We ensure that travelers would continue to receive the 500 dollars. We understand that a lot of people are still struggling to procure dollars, so we are currently discussing a plan to make it easier for them," Mansoor said.

The biggest dollar traders in the country, Bank ,MIB and the Islamic Bank have also denied the rumours.

A senior finance ministry official also dismissed the rumours as a "hearsay" insisting that no such decision has been made.

The official also said the government had met a large dollar payment taking out any need to stop dollar sales.

"I can guarantee that no such decision has been made" the official added.