Maldives enforces new foreign exchange rules: $500 per tourist at resorts, $25 at guesthouses
The Maldives Monetary Authority (MMA) on Tuesday implemented new regulations requiring resorts and guesthouses to exchange a portion of their foreign currency earnings, effective immediately. Under these rules, tourism service providers must exchange foreign currency income based on tourist arrivals, with separate requirements for resorts and guesthouses. According to the regulations, Category A tourism service […]
Maldives recovers $5 million debt from tourism businesses
The government has recovered $5 million (MVR 77.1 million) from the tourism industry in the past 17 days, Tourism Minister Ibrahim Faisal said on Saturday. Addressing the nation at the Independence Day celebrations on Friday evening, President Mohamed Muizzu said the state lost $513 million due to the negligence of previous governments. The president said […]
Maldives ready for fiscal reforms with SOE restructuring start: Finance minister
The Maldivian government on Monday acknowledged shortcomings in implementing debt-reduction measures and announced a renewed commitment to fiscal reform, starting with a focus on state-owned enterprises (SOEs). Finance Minister Dr Mohamed Shafeeq made the announcement during a discussion on the World Bank report “Scaling Back and Rebuilding Buffers.” Dr Shafeeq admitted that planned reforms from […]
Tourism sector contraction spurs moderation amid Maldives’ fiscal challenges
The Maldives navigated through a year of economic moderation and resilience in 2023. According to the latest Quarterly National Account (QNA) estimates by MMA, the Maldivian economy witnessed a growth rate of 4.0% in 2023, a significant slowdown from the remarkable 13.9% growth recorded in the preceding year. This deceleration, falling short of the initially […]
Maldives tourism leaders to probe revenue drop despite increased arrivals
Tourism Minister Ibrahim Faisal and the new Managing Director of MMPRC, Fathimath Thaufeeg, highlighted plans to investigate why the surge in tourist arrivals in Maldives hasn’t translated into increased revenue. The government’s target of hosting 1.8 million tourists for the year was hit with the arrival of the 1.8 millionth tourist on Wednesday. Following a […]
Maldives faces $1.7b annual economic loss from 88 unfinished resorts
The Maldivian tourism industry is grappling with a substantial setback as 88 resorts designated for development remain incomplete, resulting in an annual economic loss of $1.7 billion, as per the Finance Ministry’s fiscal statement for 2024-26. Maldives, heavily reliant on tourism, considers these unfinished resorts a linchpin of its economic prosperity. However, these 88 islands, […]
Ministry of Economic Development formally launches partnership opportunities for MIF
The Ministry of Economic Development hosted an event at Hotel Jen to launch partnership opportunities for Maldives Investment Forum 2015.
Patterns of Tourism Development in the Maldives and Sri Lanka
Sri Lanka and the Maldives are geographic, cultural and economic neighbors whose lives and livelihoods have been historically and even today intermingled and integrated.
International Tourism Exports Reach USD1.5 Trillion
International tourism receipts rose by USD48 billion in 2014, reaching a record of USD 1.25 billion, the World Tourism Organisation (UNWTO) has revealed.
Tourist Arrivals Reach a Record High in February
February’s tourist arrivals reached a record high, according to Maldives Monetary Authority’s Monthly Economic Review (March 2015).
Maldives Marine Expo 2015 opens in Male’
The Maldives Marine Expo 2015, the official exhibition of the Liveaboard Association of Maldives (LAM), opened at the Dharubaaruge convention centre today.
