Economy
In a case suspected of conducting illegal foreign currency exchange operations without an MMA permit, the police on September 1, 2026, froze the accounts of Naid Investments, searched the company's office, and arrested six foreigners exchanging dollars on the black market. With the commencement of the implementation on September 1, 2026, of the amendment to the Foreign Currency Act ratified by President Dr. Mohamed Muizzu, resorts are now required to convert 40 percent of their foreign currency revenue into Maldivian Rufiyaa through banks before the 28th of the following month. Following the eighth amendment to the GST Act, the Maldives Inland Revenue Authority (MIRA) has notified tourism businesses to submit details of foreign travel agencies and booking platforms before September 6, 2026. Concerns have arisen regarding MTDC opening a rights issue to sell additional shares to the government in a way that alters shareholding distribution, as well as the transfer of the head lease of GDh. Maguddhuvaa. In addition, while opposition parties express concern regarding dollar limits and the country's economic hardships, Minister of Fisheries Ahmed Shiyam has disclosed details regarding the state of the fishing industry.
On September 1, 2026, relevant authorities began taking strict actions against networks conducting illegal foreign currency exchange transactions and against Naid Investments. These measures were implemented to halt parties engaging extensively in illegal dollar exchange businesses and to strengthen the financial system. In this regard, efforts to investigate the unlawful activities carried out by businesses like Naid Investments and similar networks, and to enforce necessary measures within the legal framework, have been actively carried forward. The government and relevant institutions are closely monitoring the situation with special attention to prevent such unauthorized financial transactions.
On September 1, 2026, Minister of Fisheries and Ocean Resources Ahmed Shiyam shared important information regarding the fisheries industry. In this regard, the Minister disclosed details of the measures being taken by the government to address challenges facing the fisheries sector and to further develop and advance the industry. Furthermore, the Minister's remarks highlighted ongoing efforts to facilitate services due to fishermen and to increase the economic benefits the country derives from the fishing industry.
Regarding the country's economic situation and the difficulties faced due to bank dollar limits, opposition MDP Chairperson Fayyaz Ismail has leveled serious accusations against the government. Fayyaz noted that the government has failed to manage the nation's financial and economic affairs, and that the foreign currency shortage and dollar limits are causing severe harm to the general public and small and medium-sized enterprises. In addition, he expressed concern, stating that the government lacks transparent policies during such a fragile economic situation and is failing to take adequate measures to resolve the issues.
Important discussions were held on 1 September 2026 regarding the financial and economic measures needed to strengthen and maintain the value of the Maldivian currency. These discussions highlighted policies that could be implemented to reinforce the country's foreign exchange reserves and to stabilize and increase demand for the Maldivian Rufiyaa in the foreign exchange market. It was also noted during these meetings that sustaining the value of the Maldivian currency is imperative for controlling commodity prices and curbing inflation. The talks stated that this would further strengthen the nation's economic stability and financial sector.
On 1 September 2026, the President spoke regarding the exchange of 40 percent of foreign currency revenues received by resorts operating in the tourism sector into Maldivian Rufiyaa through local banks. On this matter, the President highlighted the importance of implementing such a decision for the country's economic stability and strengthening foreign currency reserves. He also noted that the government's primary aim is to ensure the benefits of US dollars entering the Maldives are fully extended to the nation's financial system and the general public. Furthermore, the President emphasized proceeding with this change while giving priority to the national interest and providing necessary support to businesses.
The Managing Director (MD) of the Maldives Tourism Development Corporation (MTDC) spoke on 1 September 2026 regarding the sale of shares in the company. In this statement delivered while highlighting important matters concerning shares in connection with the company's Annual General Meeting, light was shed on the sale of shares and the company's share structure. While shareholders were briefed at this meeting regarding the company's management and future financial affairs, the MD highlighted how the share sale process will proceed and the benefits it will bring to the company and public shareholders. In addition, addressing market concerns and interest regarding the company's shares, the MD revealed the perspective of the company's management.
The Maldives Inland Revenue Authority (MIRA) has begun work to gather information on foreign online travel agencies and brokers selling tourist accommodations and rooms in the Maldives. The main purpose of MIRA obtaining this information is to ensure that the state fully receives the tax revenue due from the Maldives' tourism sector, and to monitor their transactions within the tax system. As a result of this measure, there will be greater transparency in the payment of taxes such as TGST and Green Tax owed to the state from rooms sold through foreign platforms, paving the way to prevent revenue loss from tax evasion.