The Maldives Monetary Authority (MMA) recorded MMA foreign currency sales of USD 1.1 billion (MVR 17 billion) in 2025. This marks a 10% increase from 2024. In comparison, the central bank sold USD 998 million in 2023 and USD 994 million the year prior.
SOEs Absorbed the Largest Share
State-owned Enterprises (SOEs) accounted for 60% of total sales. That translates to USD 651 million, or MVR 10 billion. SOEs directed these funds primarily toward fuel, essential food items, medicine, medical equipment, and debt servicing. Notably, fuel imports alone consumed 70% of the SOE allocation. The MMA channeled approximately USD 460 million to STO specifically for fuel procurement.
Debt Repayment Drew Nearly Half a Billion
Beyond SOE support, the MMA disbursed USD 436 million for sovereign debt settlement. Combined with SOE allocations, debt repayment and state enterprise support together consumed USD 1 billion of the total. That leaves little room in the central bank’s foreign exchange operations for other priorities.
Commercial Banks Received a Significant Boost
To meet public and private sector demand, the MMA supplied USD 448 million to commercial banks. This represents a 25% increase compared to 2024. The rise reflects growing foreign exchange pressure from both businesses and individuals across the country.
The MMA foreign currency sales figures point to rising import dependency and expanding debt obligations. Furthermore, the dominance of fuel in SOE spending highlights a structural vulnerability in the Maldivian economy. As a result, managing foreign exchange demand will remain a central challenge for the MMA in the year ahead. A second consecutive rise in MMA foreign currency sales underscores the urgency of that task.