Maldives aims to boost annual tourism revenue to $6 billion

The newly formed Visitor Economy Council, announced by the government on Sunday, set its sights on ramping up annual tourism revenue to hit the $6 billion mark. Economic minister Mohamed Saeed, heading the council, disclosed this target during a press conference at the President’s Office on Monday. Highlighting the current scenario, Saeed noted, “Maldives’ GDP […]

Maldives tourism revenue drops by $200m in 8 months

Despite an increase in overall tourist arrivals to the Maldives, the tourism sector has generated $200 million less in income in the first eight months of this year compared to the same period in 2022, according to data released by the Maldives Monetary Authority (MMA), the central bank. The data reveals that Maldives received $2.5 […]

MVR 79m allocated for new domestic airport projects in 2024

The 2024 state budget includes an allocation of MVR 79.9 million for new projects aimed at developing domestic airports across the nation. In the MVR 49 billion budget presented to the parliament on Tuesday, a sum of MVR 79 million has been earmarked for the construction of new domestic airports on various islands. Airport development […]

Maldives tourism weakens as occupancy growth slows, bed nights declines

The Maldives tourism sector, which is the main source of foreign exchange earnings for the island nation, has faced a slowdown in its growth, according to the latest data released by the Maldives Monetary Authority (MMA). According to the the central bank’s Monthly Economic Update (October 2023), total tourist arrivals in September 2023 stood at […]

Maldives sets 2m tourist arrivals target for 2024; European arrivals likely to decline

The proposed state budget for 2024 indicates that while European arrivals are likely to decrease, the number of tourists visiting the Maldives from other markets, including China, is set to rise, with an anticipated total of over 2 million tourist arrivals next year. On Tuesday, the finance ministry submitted a budget of MVR 49.5 billion […]


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, […]

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 […]

Dollar appreciates sharply, posing economic challenges

The Maldivian economy is facing a significant challenge as the US dollar has experienced a rapid surge in value against the Maldivian Rufiyaa (MVR). Recent reports indicate that the dollar is now trading at an alarming rate of MVR 18.30 per dollar in the black market, up from MVR 17.40 per dollar just a week […]

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 […]