Economy
On 10 September 2026, the Bank of Maldives (BML) discontinued the cross-border fee previously charged for withdrawing cash from overseas ATMs using its debit cards. On the same day, the Ministry of Tourism published a new regulation empowering the state to cancel agreements for 168 long-stalled tourism sites and recover approximately $537 million in unpaid rent and fines. Major concerns were expressed at a meeting of the Maldives Association of Tourism Industry (MATI) regarding the mandate to exchange 40 percent of resorts' monthly foreign currency revenue into Maldivian Rufiyaa. Frontline employees of WAMCO complained over not receiving their salaries as of 7 September. President Dr. Mohamed Muizzu announced that equity would be provided as grant aid through the Housing Trust Fund to ease the burden on citizens paying equity for housing loans taken from banks.
Bank of Maldives (BML) decided on September 10, 2026, to stop charging the "cross-border" fee previously applied when withdrawing cash from overseas ATMs using debit cards, effective from tonight. According to BML, this decision will allow students studying abroad to fully utilize the designated $1,200 monthly limit for living and educational expenses without any additional deductions. The bank also highlighted that this is an important relief introduced to alleviate the financial burden faced by Maldivian students studying overseas and their families.
On 10 September 2026, relevant authorities initiated the process of terminating agreements for resorts leased for tourism development in the Maldives that have remained stalled without completion for an extended period. This measure was decided upon with the aim of addressing obstacles facing the tourism sector and preventing the loss of state revenues resulting from the failure to develop these islands within their allocated timeframes. In addition, these agreements are being annulled following case-by-case reviews of the non-compliant, stalled islands and the completion of all necessary legal procedures. With this government decision, the path has been paved to open up opportunities for other parties to redevelop such unused, abandoned islands.
A heated debate took place among members at a meeting held by the Maldives Association of Tourism Industry (MATI) regarding the regulations established for foreign currency exchange in the Maldives. At this meeting attended by tourism industry businessmen and senior figures, extensive discussions were held on the difficulties and challenges the sector might face due to the dollar exchange regulations. Although disagreements arose among participants causing the meeting to become heated, it was noted that further discussions would be pursued to resolve the matter in a manner most beneficial to the tourism industry and the economy.
According to information released on 10 September 2026, the prices of essential food items such as fish and vegetables in the Maldivian market have risen by 6 percent. Along with this change, the cost of living has been impacted, and it is noted that expenditure on purchasing everyday food items has become higher than before. The increase in the prices of these commodities in the market is attributed to supply changes and difficulties encountered in obtaining goods for the market.
Major complaints have surfaced from employees of the Waste Management Corporation (WAMCO) due to ongoing delays in paying their salaries. Employees disclosed that delays in salary deposits have led to numerous difficulties in managing essential family expenses and fulfilling obligations such as paying rent. Expressing concern over this issue, the employees are calling on relevant authorities to arrange their due wages promptly and without any delay.
On September 10, 2026, the President stated that the government is working to arrange easier options for equity payments in order to provide solutions to the difficulties faced by the public. In this regard, he noted that securing such eases would provide significant financial relief to ordinary citizens and pave the way for greater participation. He also stated on that day that the government's aim is to identify the public's concerns and facilitate solutions through the most convenient system possible.