Economy
With the amendment brought to the Foreign Currency Act mandating the exchange of 40 percent of tourism sector revenue through banks, and following measures taken to halt black market trade, the price of the dollar has begun to decrease. Fenaka Corporation revealed on September 6, 2026, that 107 employees were terminated with a four-month salary package under its downsizing program. Due to the foreign exchange shortage, Bank of Maldives has begun charging up to a 30 percent transaction fee on purchases made with MVR debit cards on e-commerce platforms such as Shein and Temu. The work to develop the government taxi line service and application to be introduced in the Malé region has been awarded to MTCC. A five-year framework agreement worth 1.5 billion dollars was signed with the International Islamic Trade Finance Corporation (ITFC) on September 6, 2026, to provide trade financing to Maldivian businesses and state-owned enterprises.
Following changes made to the foreign exchange regulations, the price of the dollar in the Maldivian market has begun to decline. With relevant authorities strengthening foreign currency transactions and amending regulations, dollar availability in the market has become easier, and positive changes to the rate have begun to appear. It is believed that this change will halt the rise of the dollar rate in the black market and facilitate conducting foreign currency transactions at rates closer to the official rate. Furthermore, with this regulatory shift, relief will be brought to the difficulties faced by businesses and general citizens in obtaining foreign currency.
On September 6, 2026, Fenaka Corporation announced that 107 employees have so far left their jobs with a special package under a redundancy program carried out to streamline operations and reduce company expenses. Fenaka stated that when an opportunity was opened to provide a package including four months' salary benefits to employees wishing to resign voluntarily, all employees who opted for the package were paid in accordance with the agreement by the end of that period. Managing Director Mohamed Afif Hussain noted that since the salary expenses of around 8,000 employees exceeded the company's revenue, this was an important step taken to ensure the company's sustainability and strengthen operations. Additionally, the company stated that efforts are also underway to facilitate avenues for employees who left with this package to obtain loans through the government to start their own businesses.
On 6 September 2026, it was decided to levy taxes on goods imported into the Maldives from popular online shopping platforms such as Shein and Temu. This measure is a decision made to manage transactions of goods purchased by the public via foreign e-commerce platforms within a designated system and to bring changes to the tax system. Furthermore, it is expected that this change will increase tax revenue for the state and create fair competition for domestic businesses. Following this decision, taxes will have to be paid in accordance with established regulations on goods imported from such platforms in the future.
To strengthen the public transport system in the Greater Malé area and provide convenient services to the public, the operation of a taxi line service and the development of a dedicated application were contracted to the Maldives Transport and Contracting Company (MTCC) on 6 September 2026. Under this project, a reliable and safe taxi line will be established in the Greater Malé area, and a modern application will be designed to allow passengers to easily book taxis and access the service. Additionally, this system will coordinate transport services within a single network and provide an effective solution to the difficulties faced by the public in accessing taxi services. Entrusting this work to MTCC will further enhance the quality of land transportation in the Greater Malé area and bring significant ease to citizens.
An important agreement worth 1.5 billion dollars was signed on 6 September 2026 to provide financial assistance and financing needed for private businesses. The main objective of this agreement is to facilitate the further expansion of private businesses and provide easy solutions to financial difficulties. It is expected that businesses will develop and economic momentum will accelerate further due to this large investment. In addition, numerous opportunities will open up for the private sector under this financing.