Economy
To manage state expenditures, the Ministry of Finance has opened the sale of Treasury bills worth 645.41 million Rufiyaa. According to statistics from the Ministry of Finance, the state received 170.8 million Rufiyaa in revenue from fines by the end of September, exceeding the projected 139.2 million Rufiyaa for the entire year. Following the amendment to the Foreign Exchange Act, which mandates resorts to exchange 40 percent of their revenue through banks, and the measures taken by MMA to stop unauthorized dollar sales, the price of the dollar in the black market has declined. Maldives Port Development Private Limited opened the opportunity to express interest on 5 September 2026 to find a party to provide project management consultancy for the K. Thilafushi Port development project.
On September 5, 2026, the government announced plans to raise an additional 645 million Rufiyaa to meet state expenses and manage cash flow. This money is to be raised by selling Treasury bills (T-bills), which include bills opened for repayment over various periods. The government opened this opportunity for investment by financial institutions, banks, the pension fund, and private companies. This decision is part of an ongoing series of efforts by the government to borrow money from the domestic market to cover the state budget deficit and manage recurrent operational expenditures.
It was revealed on September 05, 2026, that state revenue received from various types of fines has exceeded the amount projected for this year. The revenue rose significantly higher than the amount estimated by the government when compiling the budget, which is believed to be linked to stricter enforcement of rules and regulations. Official statistics show that fines imposed for violations of traffic and various business regulations have brought substantial revenue into the state budget. Along with this change, the total proportion of non-tax revenue for the state also showed better growth than projected.
On September 5, 2026, crucial information was disclosed regarding the proportion of foreign currency used in domestic financial transactions in the Maldives. In this regard, light was shed on the extent to which foreign currency—especially the US Dollar—is used across various types of businesses and services within the Maldivian economic environment, as well as its resulting impacts on the value of the Maldivian currency. Additionally, these statements highlighted the challenges and potential measures that can be taken to increase the use of the Maldivian Rufiyaa in domestic financial transactions, ensure the stability of the financial system, and enhance confidence in the national currency.
With robust measures taken by the Maldivian government to stabilize the foreign exchange market, the price of the dollar on the black market began to decline on 5 September 2026. Due to special arrangements made by relevant authorities to improve the country's economic situation and resolve foreign currency burdens, previous difficulties faced in obtaining dollars have begun to ease. Relevant authorities noted that as a result of these measures, the value of the Maldivian Rufiyaa has been maintained and positive changes have emerged in market exchange rates for the dollar. It is expected that such measures taken by the government will reduce the challenges faced by businesses and the general public in purchasing dollars.
Efforts to seek a party to provide technical consultancy services for the port project scheduled to be developed in Thilafushi were announced on September 5, 2026. Under this project, consultants will provide the technical advice and guidance required to carry out the port's infrastructure and operational tasks most effectively. The main objective is to ensure that the work of developing Thilafushi Port to modern standards progresses rapidly in accordance with international benchmarks. Interested parties now have the opportunity to submit bids according to the established guidelines.