Economy
MTCC commenced practical asphalt laying works on Segment 1 of Ameenee Magu, stretching from Izzudheen Magu to Dharumavantha Park, on 19 September 2026. With the target of relocating 80 percent of Male' Commercial Port's services to Thilafushi by November 2027, the completion of the 100-meter quay wall capable of accommodating container barges is being carried out jointly by China Harbour Engineering Company and MTCC. Furthermore, following delays in dollar transactions after 653 million dollars left the country by the end of August, the Bank of Maldives announced on 19 September 2026 that foreign currency remittance transactions would return to normal by next week.
Under the project to redevelop and modernize Ameenee Magu in Male', MTCC commenced practical asphalt laying works on Segment 1 of the road on Saturday, 19 September 2026. This work is underway in the area starting from Izzudheen Magu in front of Voice of Maldives up to the park near Dharumavantha Hospital. Prior to the asphalt laying, subgrade works, the laying of the ABC layer, and the application of prime coat were completed, and positive changes to the pavement design in areas with bus stops are also slated under this project. According to MTCC, upon the complete conclusion of this segment's work and reopening the road, work will begin on Segment 2 up to Ghiyasuddin International School.
Following changes made to Bank of Maldives (BML) dollar transactions, it has been revealed that those transactions will return to normal within the coming week. With this change, it is anticipated that difficulties faced by customers in carrying out dollar transactions through the bank will be resolved. As these services return to normal in accordance with the prior regulations next week, the bank continuously strives to provide financial services to customers in a convenient and sustainable manner.
The major project to relocate the Maldives' main commercial port to Thilafushi is an important effort underway to resolve the space constraints faced by the Malé commercial port and to further expedite the import and export system of goods. Under this project, an international standard port equipped with modern facilities is scheduled to be developed in Thilafushi, along with the establishment of container yards and warehouses. Due to this shift, congestion on Malé's streets will be reduced, and it will provide significant economic ease for businesses in clearing goods. Furthermore, this is a crucial infrastructure development project being carried out under a long-term vision to expand Maldivian trade and the economy.