President’s plan: tackle dollar shortage by holding back 30% of inflows
President Ibrahim Mohamed Solih, the Maldivian Democratic Party’s presidential candidate, addressed a rally in Addu City ahead of the upcoming second round of the presidential election. During his speech, President Solih discussed his vision for reducing the dollar exchange rate to MVR 15 per dollar by ensuring that 30% of incoming dollars remain in the […]
Debt, weak policies affect Maldives’ tourism, investor appeal, new MATATO report warns
The Maldivian economy is in a fragile state primarily caused by a dollar crisis and excessive government expenditure, with negative impacts on the local tourism sector and investor interest in the destination, a new study by the Maldives Association of Travel Agents and Tour Operators (MATATO) said on Thursday. The report, based on extensive qualitative […]
The complex web of factors behind Maldives’ unusual economic instability
The Maldivian economy has been navigating a rather peculiar and tumultuous terrain in the middle of this year. Unlike previous years, the current economic instability seems to be marked by unique characteristics that have caught the attention of economists and experts alike. Chief among these is the volatile behavior of the Maldivian Rufiyaa (MVR) against […]
Maldives tourism faces steep decline in Q2; hints at signs of recovery in Q3
The Maldives tourism sector experienced a significant downturn in the second quarter of 2023, according to the recently published Quarterly Business Survey by the Maldives Monetary Authority (MMA). The survey, which covered the period from April to June, revealed a sharp decline in key indicators, underscoring the challenges faced by tourism businesses amid an uncertain […]
Declining state revenue: What it means for Maldives’ hospitality industry
Maldives, renowned for its picturesque beauty and thriving tourism sector, is currently facing significant challenges due to a decline in state revenue, especially from dividends paid by state-owned enterprises (SOEs) and a decrease in fees and taxes generated by the tourism sector. This article examines the latest state revenue and expenditure data, highlighting the implications […]
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).
Government revenue from import duties, fees and charges increase in 2014
Government revenue from import duties, fees and charges increased 22% in 2014 compared to the previous year, the Maldives Customs Service has revealed. While customs collected a total of MVR1.96 billion during the year, the total C.I.F (cost, insurance and freight) value of goods imported in 2014 was MVR30.7 billion – a 15% rise or MVR4 billion higher than 2014.
