Maldives resorts face financial strain from strict currency exchange rules
The Maldives’ tourism industry which has still not fully recovered from the COVID epidemic is facing a significant hurdle due to a recent regulatory requirement imposed by the Maldives Monetary Authority (MMA) that mandates the exchange of USD 500 per tourist. This rigid policy has sparked widespread concern among resort owners, who argue that it […]
Maldives Instant Payment System “Favara” revolutionizes financial landscape as three banks join the innovation wave
The Maldives financial sector has taken a significant leap towards digital transformation with the official inauguration of the Maldives Instant Payment System, “Favara.” In a momentous ceremony on August 26, 2023, Vice President Faisal Naseem launched the pioneering payment system, highlighting its potential to revolutionize the nation’s financial infrastructure. The inception of the Favara payment […]
Maldives Monetary Authority: growth in tourism and construction expected in 2016
The National Bureau of Statistics suggests that although real GDP growth for 2015 is expected to slow down, 2016 looks promising.
Maldives Monetary Authority unveils new banknotes
The Maldives Monetary Authority (MMA) unveiled its new banknote series at a special function held in Dharubaaruge on 1 November.
MMA report: Chinese arrivals rebound in August, as fish exports boom in the Maldives
August saw a 7.8% year-on-year increase in Chinese arrivals, as well as an phenomenal 407% year-on-year increase in fish exports.
Sri Lanka’s Commercial Bank to open its first ever branch in the Maldives
The Commercial Bank of Ceylon PLC has announced that they will be extending their services to the Maldives.
Fisheries decline in July while tourist arrivals stabilise, MMA reports
Total tourist arrivals in July climbed in both monthly and annual terms by 28 percent and 4 percent respectively, totalling 104,517, notes the Maldives Monetary Authority’s Monthly Economic Review.
Maldives tourism and fisheries declined in June, reports MMA
June 2015 saw a decline in both tourist arrivals and fish exports, according to the latest MMA Monthly Economic Review.
Maldives Monetary Authority publishes 2014 annual report, estimates total tourism receipts at US$2.6bn
The Maldives Monetary Authority’s 2014 Annual Report covers developments in the domestic economy, MMA initiatives and the outlook for 2015.
MMA’s Monthly Economic Review: tourist arrivals up by 7% in March, overall occupancy down
The Maldives Monetary Authority’s Monthly Economic Review, vol. 9 published May 31st, highlights growth in arrivals despite falling occupancy.
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).
