Economy
Following the police's request to share information about parties illegally exchanging foreign currency on the black market without MMA's permission, 65 reports have been submitted through the special hotline (9388733). Under the first amendment brought to the Foreign Currency Act, President Dr. Mohamed Muizzu has ratified the bill mandating Category 'A' tourism businesses to exchange 40 percent of their monthly foreign currency revenue into Rufiyaa through Maldivian banks. On September 2, 2026, the Ministry of Infrastructure officially handed over five development projects worth MVR 937.35 million to MTCC. In addition, important discussions were held regarding the expansion of the Islamic economy and halal trade. Furthermore, the special exhibition held to enhance the productivity of Maldivians received great support from the public.
The Maldives Police Service has requested the public to share information regarding individuals involved in illegal dollar exchange and trading in the black market in the Maldives. In an effort to halt such illegal transactions and minimize their adverse effects on the financial system, the police urged the public to report without delay if they obtain any information about parties carrying out dollar transactions in the black market. The police also noted that public cooperation is critically needed to identify individuals engaging in such acts and to take legal action against them.
Important projects scheduled to be carried out for the development of various islands across the Maldives were awarded to the Maldives Transport and Contracting Company (MTCC) on 2 September 2026. The main objective of these projects is to enhance the infrastructure standards of the islands and provide quick solutions to the difficulties faced by residents. These works include important undertakings such as island harbour construction, shore protection, road development, and the establishment of other basic facilities. These projects have been awarded to MTCC with the aim of delivering high-quality completion within the designated timeframe for the benefit of the people.
Following an amendment to the foreign exchange regulations making it mandatory to exchange 40 percent of total resort revenue dollars through Maldivian banks, representatives from the tourism industry have pointed out that this could pose major challenges to operating resorts and paying taxes and fees. Regarding this amendment, which replaced the previous rule requiring the exchange of 500 dollars per tourist, the government has stated that this decision was made after comprehensive research and that this change will not hinder resorts' ability to pay their employees' salaries in US dollars. Nevertheless, because Maldivian resorts must service significant dollar-denominated loans and expenses, economic experts and the tourism industry continue to voice concerns that this policy could adversely affect businesses and foreign investor confidence.
According to information disclosed on 2 September 2026, the number of applicants participating in the Maldivian Creativity Exhibition has increased significantly compared to previous years. Due to the overwhelming response from the public and various parties, the number of people applying to participate across diverse competition categories has surged remarkably. This demonstrated the strong desire among many to seize the opportunity to showcase the works of producers and skilled craftspeople from all over the Maldives. Furthermore, the rising interest in this exhibition marks an important step toward promoting Maldivian products.
A special meeting on the Islamic economy and halal trade was held on Wednesday, 2 September 2026. The meeting mainly discussed further strengthening the Islamic economic system and the important steps that can be taken to expand and develop the halal trade sector. Participants also highlighted the opportunities and challenges present in advancing halal products and services, as well as finding appropriate solutions to address them.