Economy
To strengthen the value of the Maldivian Rufiyaa and halt the dollar black market, systemic reforms must be brought, Fisheries Minister Ahmed Shiyam stated on September 3, 2026. To address the rising dollar rates in the black market, a new foreign exchange regulation mandating resorts to exchange 40% of their dollars began implementation on September 1, 2026. It was revealed that President Dr. Mohamed Muizzu's pledge to increase the dollar allowance sold by banks to travelers to 1,000 remains incomplete and under review due to external circumstances. Out of uncollected dues to MIRA, 3.5 billion Rufiyaa was recovered for the state during the first six months of 2026. Furthermore, 1.2 billion Rufiyaa was received by the state as Departure Tax by the end of July 2026. Projects conducted by the government to facilitate fishermen's access to ice and to establish refrigeration systems on fishing vessels are also underway.
On September 3, 2026, Shiyam called for strengthening the value of the Maldivian Rufiyaa and not treating the dollar as essential in economic transactions. He noted that prioritizing the Rufiyaa in domestic transactions is imperative to maintaining the value of the national currency and achieving economic stability. Additionally, he stated that the reliance on foreign currency must be reduced and the mindset of regarding the dollar as essential for everything should be abandoned. This call also highlighted the importance of cooperation from all parties to elevate and strengthen the value of the Maldivian currency.
Efforts to conveniently provide fishermen with required ice and to establish refrigeration systems on fishing vessels were further accelerated on September 3, 2026. The main objective of this work is to maintain the quality of fish caught by fishermen in good condition and to find a permanent solution to the difficulties fishermen face in obtaining ice. In this regard, it was revealed that practical work is underway to facilitate the installation of RSW (refrigerated sea water) systems on fishing vessels and to strengthen arrangements for obtaining ice through ice plants across various regions. It was noted that due to these measures, the productivity of fishermen spending long periods at sea will rise, and the income derived from the fisheries sector will increase.
Even though five months have passed since the pledge was made to sell or provide $1,000 to every Maldivian traveling abroad, the fact that it remains unfulfilled has drawn significant attention and criticism from many people. Travelers still face severe difficulties in obtaining dollars through banks, while a long time has elapsed without implementing the arrangements set to provide $1,000 at the official rate. Consequently, people traveling abroad are forced to buy dollars from the black market at high prices without an effective solution so far, leading to escalating public concern.
Following the commencement of the enforcement of the new regulation formulated on foreign currency exchange, the price of the US dollar has plunged significantly in the black market of the Maldives. With this regulation coming into effect on September 3, 2026, foreign exchange transactions have entered the formal system, and the rates at which dollars were being sold in the informal market have dropped considerably. Economic experts note that this measure will reduce the demand for dollars in the black market and make it easier to obtain dollars through the official banking system. It is expected that these robust measures implemented by the government will bring positive changes to the foreign exchange market and provide major assistance in stabilizing rates.
It was revealed on September 3, 2026, that the state has received 1.25 billion Rufiyaa in departure tax. This significant revenue is money deposited into the state budget as departure tax collected from passengers departing from the Maldives. The increase in revenue from the tourism sector and the rise in the number of individuals travelling abroad were the primary reasons for the substantial surge in revenue generated by the state from this tax. The state treasury receiving such a sizable revenue is a major boost towards strengthening the country's economic momentum and carrying out various development projects.
Efforts to recover 3.5 billion Rufiyaa from outstanding dues owed to the Maldives Inland Revenue Authority (MIRA) were disclosed on September 3, 2026. MIRA is taking special measures within the legal framework to collect these funds from parties who have defaulted on paying taxes and other fees due to the state. In this regard, the prompt recovery of substantial uncollected sums has been highlighted as an essential step toward boosting state revenue and reinforcing the financial situation. MIRA urges the settlement of overdue, unpaid sums as quickly as possible.