Economy.

On September 29, 2026, Minister of Tourism and Civil Aviation Mohamed Ameen officially inaugurated Maldivian's new modern seaplane terminal at Velana International Airport, equipped with a 130-passenger capacity. Following the decision to levy a 17 percent TGST on foreign platforms starting October 1, UK tour operators such as ABTA have warned of halting holiday bookings to the Maldives. Maldives Customs Service has seized more than 8.5 million cigarettes attempted to be illegally smuggled hidden within a cargo shipment brought to the Male' Commercial Port. To curb cigarette smuggling, regulatory amendments have been introduced, including reducing the duty on cigarettes from 8 Rufiyaa to 4 Rufiyaa, banning vapes, and exempting duty on nicotine replacement therapy products. Speaking at the "Safety and Secure Conference" held on September 29, 2026, MATI Vice President Salah Shihab stated that 40 percent of resort employees are Maldivians. Industry stakeholders highlighted the government's plan to complete regional cold storages, including the Thinadhoo facility, to maintain and stabilize fish prices.

Following the signing of the agreement to implement the 20 billion dollar 'Maldives Waterfront and Marina' project in Rasmale, Chairman of Eagle Hills Mohamed Alabbar noted that the Maldives is a dream destination on Earth, stating that the work will be carried out adhering to the highest environmental standards and in a manner most beneficial to the people. Speaking at the government's 'Ahaa' forum, Minister of Fisheries Ahmed Shiyam said that by implementing robust quality control measures when unloading fish at Maldivian ports, the issue of fish exported by MIFCO being rejected has now been resolved. The National Bureau of Statistics has revealed that due to lower prices for electricity, international flights, and tobacco, the Consumer Price Index (CPI) for August dropped to 1.15%. At the World Travel Awards held on September 27 at CROSSROADS Maldives, the Maldives won a total of four awards, including the title of the Indian Ocean's Leading Destination. Additionally, STO's stall participated in the Hotel Asia Exhibition.

Among the key economic highlights noted on 27 September 2026, the Bank of Maldives (BML) announced that due to high foreign currency demand, processing dollar telegraphic transfers (TTs) through the bank is facing a delay of two to three weeks. Under the government's state-owned enterprise restructuring policy, a framework agreement to transfer water and sewerage services in Addu City and Fuvahmulah City to MWSC was signed by the company's Managing Director Hussain Fahumy and Fenaka's Managing Director Mohamed Afif Hassan. While more than 76 percent of the overall Thilamalé Bridge project has been completed, deck installation between Malé and Villimalé has concluded, and finishing works are progressing rapidly. In the fisheries sector, 80 percent of the work on the new 4,000-tonne cold storage facility being established in Felivaru has been completed, and Minister Ahmed Shiyam stated at the "Ahaa" forum that MIFCO will no longer export any fish that could be rejected by foreign markets. Additionally, relevant authorities are strengthening efforts to monitor vessels engaging in illegal fishing within the Maldivian maritime territory. The President has provided assurances that an additional large dredger will be procured for MTCC to expedite the company's projects. The national airline, Maldivian, has decided to launch special flights to Bangkok, Thailand, coinciding with the upcoming school holidays. In the tourism industry, the Hilton brand has expressed interest in developing more resorts and expanding investments in the Maldives. The Tourism Minister emphasized the importance of human connection and hospitality alongside modern facilities in advancing the tourism sector.

Despite international concerns regarding the Maldives' debt servicing capacity, President Dr. Mohamed Muizzu has provided assurance that debts will continue to be serviced regularly without assistance from the IMF. The government has initiated efforts to acquire a large dredger for MTCC to expedite land and lagoon dredging projects. The project to relocate the Malé Commercial Port to Thilafushi is being carried out under 100 percent state ownership, aiming for completion by November 2027. To ease convenience for fishermen and the general public, arrangements have been made to provide fuel at STO's official prices in 8 islands. As cost-reduction measures are being taken for state-owned enterprises, decisions have been made regarding Bank of Maldives flat works and prioritizing Maldivian businesses. Concerns have been revealed regarding high expenses and losses at Kulhudhuffushi Port. Coinciding with the December school holidays, Maldivian has decided to operate special direct flights between Malé and Bangkok every Tuesday from 8 December 2026 to 19 January 2027, with fares starting from 530 dollars.

The project to expand the 12.3-kilometer link road from the Addu City detour bridge to the Hithadhoo Stadium to four lanes has been awarded to China's Roadtime Engineering and Technology Company. Chinese Ambassador Kong Xianhua has revealed that physical work on the China-Maldives Friendship Hospital in Vilimalé and the road development project in Malé and Vilimalé, under Chinese grant assistance, will commence late this year or early 2027. Under the Vilunveshi Grant Scheme supported by the Asian Development Bank, the government has decided to increase the current limit of MVR 100,000 and expand the scheme next year to allow private companies and startups to apply as well. In addition, the Reserve Bank of India has announced that the credit line of 48.50 billion Indian Rupees or approximately $506.58 million provided to the Maldives through India's Exim Bank became officially operational on August 27.

Arrangements have been made for Maldivians to make payments in Maldivian Rufiyaa through "Global Dukaan", an e-commerce platform run jointly by Maldives Post and India Post. The Ministry of Economic Development instructed on 23 September 2026 for foreign businesses operating illegally in sectors reserved for Maldivians, such as wholesale and retail trade and airline cargo and passenger sales agencies, to cease operations before October 8, and published the names of 8 uncontactable companies. Under the first amendment brought to the Foreign Exchange Act, the MMA has mandated Category 'A' tourism businesses to exchange 40 percent of their total monthly foreign currency revenue through banks before the 28th of the following month, with fines of up to 5 million Rufiyaa decided for transactions conducted outside the stipulated rate. During a meeting held in Islamabad with a delegation led by Speaker of the People's Majlis Abdul Raheem Abdulla, Pakistan International Airlines (PIA) CEO Air Vice Marshal Muhammad Amir Hayat announced on 23 September 2026 that direct flights to the Maldives are scheduled to commence once additional aircraft are acquired.

To develop the "Maldives Waterfront and Marina" project in Rasmale, an agreement valued between 12 billion and 20 billion dollars has been signed by Minister Dr. Abdulla Muththalib and Mohamed Alabbar, Chairman of Abu Dhabi's Eagle Hills company. The Ministry of Fisheries officially contracted the establishment of a 200-metric-ton fish cold storage facility in Th. Hirilandhoo to SJ Construction on 22 September 2026. The government has stated that the tourism industry will undergo changes due to new tax and foreign exchange policies. A special survey has now commenced to assess the income and expenditure of households in the Greater Male' area.

Minister Dr. Abdulla Muththalib signed the commercial terms agreement for the approximately $20 billion "Maldives Waterfront and Marina" project being developed in Ras Male' with Abu Dhabi's Eagle Hills company on 21 September 2026. Russian tour operator Tez Tour has launched new tourism packages specially for the Maldives. Under the China-Maldives Free Trade Agreement, arrangements have been made to exempt duty and import 296 varieties of fish exported from the Maldives to China at zero percent tariff. Former President Mohamed Nasheed, on 21 September 2026, called on audit firms to publicly disclose the true financial figures of the Bank of Maldives, alleging that foreign exchange shortages have worsened and customer deposits are being used to service debt.

Statistics from the Ministry of Finance show that the state received 499 million Rufiyaa as free aid within the first eight months of this year. To find a temporary solution to the dollar shortage, it was reported on September 20, 2026, that the government borrowed two million dollars from a private party and deposited it into the banking system. Regarding the economic situation of the Maldives, opposition party chairperson Fayyaz Ismail and Economic Minister Mohamed Saeed exchanged views and engaged in verbal sparring. Refuting reports of selling land from Rasmalé, the government disclosed that 500 hectares of land are being leased for 99 years for the 20 billion dollar project underway with UAE's Eagle Hills company. It has been decided to open special opportunities for Maldivian producers at the farmers' market in the upcoming Ramadan. A project to build fuel skids in 18 islands to provide fuel at STO prices to fishermen and the public is scheduled to be carried out in collaboration with STO and FSM. It has been revealed that since 2013 under the Parliamentary Privileges Act, the state has spent more than 101 million Rufiyaa on insurance for members and former members.

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.

Following the Maldivian government's repayment of the final $50 million of the $150 million treasury bill issued to the Maldives through the State Bank of India (SBI), India's Ministry of External Affairs spokesperson Randhir Jaiswal confirmed on September 18, 2026, that the Indian government had paid approximately $45 million incurred as interest over the past five years. As the Bank of Maldives (BML) prioritised essential needs to maintain dollar liquidity and set a $16 million monthly ceiling for e-commerce transactions, businesses have faced significant delays in transferring dollars to other banks and abroad.

Debates have arisen surrounding the completion of the payment for the 150 million dollar debt owed to India. In an interview given to MMTV on September 17, 2026, the Minister of Economic Development and Trade Mohamed Saeed stated that despite global economic challenges, investments worth approximately 12 billion dollars are currently ongoing in the Maldives. In addition, the Ministry of Finance has noted that the increase in shopping from e-commerce platforms is a major challenge facing the economy. The maiden voyage of the Agri-boat, dedicated to transporting agricultural produce, has commenced from Malé to L. Atoll. Furthermore, a team from STELCO has conducted a survey related to the generators being installed under the Addu electricity project.

European tour operators such as ABTA have warned that they will stop selling Maldives packages following the decision to levy a 17% TGST on foreign booking agencies starting October 1 and the requirement compelling resorts to exchange 40% of their foreign currency income into Maldivian Rufiyaa. While the government has decided to pay off in full and clear the USD 50 million T-bill taken through the State Bank of India (SBI) from the Sovereign Development Fund without rolling it over, the World Bank has given assurance that it will continue providing assistance for economic reform efforts. Customs has fined two foreign oil tankers, "KG 1" and "AL 1", MVR 310,000 each, after they illegally entered Maldivian territory, collided with a pillar of the Sinamalé Bridge, and sank. Additionally, the national airline, Maldivian, has decided to conduct walk-in interviews to recruit cabin crew.

Visit Maldives CEO and Managing Director Abdulla Yasir noted that a special certification framework and dedicated facilities are needed to prevent cross-contamination of pork into other foods during food preparation in resort kitchens in the Maldives and to maintain halal standards. Following information received by a special police task force, two Bangladeshi nationals, Md Masud Ahmed and Abu Tahir, who were engaged in the illegal black-market dollar trade at rates higher than the official rate, have been arrested. Homeland Security Minister Ali Ihusaan revealed that cases involving 12 key expatriates conducting illegal high-rate dollar exchange transactions are being investigated, with 9 of them already taken into immigration custody. In addition, police arrested six Bangladeshi nationals at Velana International Airport who were attempting to smuggle approximately 3.8 million Rufiyaa abroad in 18 different foreign currencies.

During a press conference held on September 14, 2026, Economic Minister Mohamed Saeed stated that the price of the dollar in the black market has decreased compared to when President Dr. Mohamed Muizzu's government took office in November 2023. At the press conference, Homeland Security Minister Ali Ihusaan said that foreigners operating in the black market dollar trade have been arrested, and that cases of not bringing goods into the Maldives after making TT payments are being investigated. As the daily e-commerce quota allocated under BML's $16 million monthly limit resets every morning at 7:00 AM, major congestion occurred due to attempts to make more than 70 transactions per second, exhausting the limit within a few minutes. Additionally, important discussions were noted in the economic sector regarding revenue generated from bunkering services, ATM Fair 2026, and halal tourism certification. In the transport sector, Maldivian has resumed flights to Dh. Kudahuvadhoo, while relevant authorities also held discussions regarding the creation of Air Addu.

Changes have been decided for the Bank of Maldives' dollar limit issues and Islamic banking services. Maldives Inland Revenue Authority (MIRA) has revealed that 60,489 people earning an income of more than MVR 60,000 per month are registered as income tax payers. International airlines are preparing to increase flights to the Maldives in conjunction with the winter tourism season. The national airline, Maldivian, opened ticket bookings on 13 September 2026 for scheduled flights to Dhaalu Airport in Dh. Kudahuvadhoo, with official flights scheduled to commence on 17 September.

On September 12, 2026, the Bank of Maldives (BML) allocated $16 million per month for international e-commerce transactions using Maldivian Rufiyaa cards, and established a special limit of $3 million per month for the 150 most commonly used platforms, including Temu. Furthermore, despite paying the $500 million sukuk, the Maldives' total debt has remained above 100 billion Rufiyaa, exceeding 125 billion Rufiyaa. Additionally, in order to strengthen the value of the Maldivian Rufiyaa and curb the foreign exchange black market, amendments brought to the Foreign Exchange Act have made it mandatory to exchange 40 percent of resort revenues into Maldivian Rufiyaa through banks.

Fisheries Minister Ahmed Shiyam has stated that, in accordance with President Dr. Mohamed Muizzu's pledge, the minimum fish purchasing price has been set at 20 Rufiyaa per kilogram and that this price is being maintained along with cost-cutting measures. Citing MIRA statistics, the Ministry of Tourism revealed that the government has now initiated efforts to recover 97 million dollars owed to the state in resort rents and fines. Furthermore, Qatar Airways has announced its decision to increase flights from Doha to Male from 12 to 21 per week starting October 25, 2026.

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.

In the operations launched against illegally selling dollars on the black market, investigations conducted in connection with 65 cases resulted in the detention of six Bangladeshis at Velana International Airport and the seizure of foreign currency worth 3.8 million Rufiyaa. Customs statistics have revealed that although 232 people were fined 723.5 million Rufiyaa for illegally importing vapes, only 850,000 Rufiyaa has been paid to the state so far. The Islamic Economics Conference and Training Camp 2026, jointly organized by the Islamic University of Maldives and the International Islamic University Malaysia, officially commenced today. In order to further expand Maldives tourism and strengthen air transport connectivity, important discussions have been carried out between Maldives Marketing and PR Corporation and the national airline, Maldivian.

President Dr. Mohamed Muizzu has announced decisions to increase the government's stake in Dhiraagu from 41.8 percent to 51 percent, and to acquire the 20 percent stake held by Japan's Hitachi in MWSC, making it a 100 percent state-owned company. The government has also initiated efforts to designate 10 islands and lagoons from Male' Atoll and other regions to develop 10 Maldivian-owned resorts. Allied Insurance has introduced a Sharia-compliant "Debt Protection Takaful" scheme that pays off remaining debts to financial institutions and releases mortgaged assets in the event of a borrower's sudden death. Amid policies aimed at cutting expenses and preventing corruption in state-owned enterprises, former STO Managing Director Hussain Amr expressed concern that STELCO might have to bear Fenaka's financial burden. WAMCO stated that the primary foundation for the expansion and success of its services is the public's trust in the company. A poll was also conducted to gauge public opinion on potential solutions to the dollar shortage facing the Maldivian economy.

Under major reform measures to strengthen state-owned enterprises, President Dr. Mohamed Muizzu announced on 7 September 2026 the decision to dissolve Fenaka and place it under STELCO, dissolve RDC and merge it with MTCC, make AgroNet a subsidiary of MIFCO, and acquire 100 percent of MWSC's shares as well as a 51 percent majority share of Dhiraagu. The Maldivian government has also signed a five-year framework agreement worth 1.5 billion dollars with the International Islamic Trade Finance Corporation (ITFC) to secure trade finance for the country's fuel, food, and medicine requirements, as well as to expand exports. In addition, President Dr. Mohamed Muizzu revealed that 10 islands have been designated to develop 10 resorts with equal shares for every Maldivian citizen, distributing at least 400 dollars annually to each citizen starting from the year 2030 from the profits of these resorts.

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.

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.

Shujau has stated that the dollar black market is created by politicians who do not love the country. Aamir noted that the Governor appearing in President's Office press conferences politicizes the financial system. The Economic Ministry has decided to dissolve 28 foreign companies under the Companies Act for operating illegally in sectors reserved for Maldivians, such as wholesale and retail trade and logistics. In addition, with the second amendment brought to the Maldives Fisheries Act, significant changes facilitating the establishment and operation of designated harbors and facilities for recreational and sports fishing have begun to be implemented.

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.

Following the police's request to share information about parties illegally exchanging foreign currency on the black market without MMA's permission, 65 reports have been submitted through the special hotline (9388733). Under the first amendment brought to the Foreign Currency Act, President Dr. Mohamed Muizzu has ratified the bill mandating Category 'A' tourism businesses to exchange 40 percent of their monthly foreign currency revenue into Rufiyaa through Maldivian banks. On September 2, 2026, the Ministry of Infrastructure officially handed over five development projects worth MVR 937.35 million to MTCC. In addition, important discussions were held regarding the expansion of the Islamic economy and halal trade. Furthermore, the special exhibition held to enhance the productivity of Maldivians received great support from the public.

In a case suspected of conducting illegal foreign currency exchange operations without an MMA permit, the police on September 1, 2026, froze the accounts of Naid Investments, searched the company's office, and arrested six foreigners exchanging dollars on the black market. With the commencement of the implementation on September 1, 2026, of the amendment to the Foreign Currency Act ratified by President Dr. Mohamed Muizzu, resorts are now required to convert 40 percent of their foreign currency revenue into Maldivian Rufiyaa through banks before the 28th of the following month. Following the eighth amendment to the GST Act, the Maldives Inland Revenue Authority (MIRA) has notified tourism businesses to submit details of foreign travel agencies and booking platforms before September 6, 2026. Concerns have arisen regarding MTDC opening a rights issue to sell additional shares to the government in a way that alters shareholding distribution, as well as the transfer of the head lease of GDh. Maguddhuvaa. In addition, while opposition parties express concern regarding dollar limits and the country's economic hardships, Minister of Fisheries Ahmed Shiyam has disclosed details regarding the state of the fishing industry.

Key economic developments in the Maldives include the establishment of an Intellectual Property Office, prioritizing SMEs in government procurement, and strengthening Customs valuation and duty exemption regulations. Following a review of last year's tourism performance, fisheries payments, and the financial results of state companies like MTCC and RDC, the government has set new targets. These focus on maximizing the benefits of the Maldives-China Free Trade Agreement and implementing revised expatriate labor quota policies.

In November 2025, Maldivian exports rose by 9%, and MVR 909 million in loans were approved under the Hiyaavehi Financing Scheme. Key economic developments include the commencement of the Aila Sustainable Township, SME warehouses, and the Hulhumalé Green Nursery. Additionally, Addu Shangri-La Resort reopened, Maldivian launched flights to Muli, and agreements were signed to enhance Zakat management and banking services. Waste collection fees for businesses were also reduced to provide financial relief.

Key economic highlights today include the reopening of Addu Shangri-La Resort after five years and the suspension of the Maldives Monetary Authority’s FIU head, Shazid. To support SMEs, waste collection fees have been reduced and storage facilities at major ports will be established. Meanwhile, issues have surfaced regarding the suspension of pensions for employed retirees and government travel expenditures exceeding the budget. Additionally, an agreement was signed for seaplane services to Thoddoo, preparations are underway for night operations at Funadhoo Airport, and infrastructure development continues with BML's affordable housing project agreements.

December 28 recorded the highest single-day tourist arrivals for 2025, as state revenue rose to between MVR 36 billion and MVR 37 billion. The government announced measures to double fisheries income and support SMEs, while China denied responsibility for the Maldives' debt issues. Additionally, Aeroflot shifted operations to Velana International Airport's new terminal, Maldivian increased Umrah flights, and concerns were raised regarding ongoing budget overruns.

Maldives' tourism is projected to reach 2.2 million arrivals in 2025, leading to increased activity at Velana International Airport and new measures to support aviation and SMEs. Amidst a four-day bank closure for the New Year, the government continues regional development and transport projects despite financial challenges and national debt. Key updates today include shifts in bunkering service revenue, a fine imposed on Manta Air for regulatory violations, and strategic decisions regarding the development of regional airports.

The government has taken action against 66 illegal expatriate-run businesses, while China has pledged MVR 1.3 billion in grant aid to the Maldives. Island Aviation’s financial issues have been submitted to Parliament. Economic progress includes the first commercial jet landing at Hanimaadhoo Airport and increased jet activity at Maafaru Airport. Additionally, updates have been made to BML banking and Customs regulations, as the World Bank forecasts 3.9% economic growth for the Maldives.

Hanimaadhoo Airport welcomed its first commercial jet, while Maafaru Airport anticipates record flight arrivals. Several infrastructure projects have been contracted, including land reclamation in Faresmaathodaa and Maaenboodhoo, road construction in Fiyoaree, expansion of Male' Bazaar roads, and the development of a hospital in Vilimale'. Additionally, the European market maintains a significant share of the tourism sector. Economic highlights include ensuring food security for Ramadan, expanding STO outlets, rising gold prices, and progress in bunkering services and SME loan disbursements.

The Maldives and China have signed an $85 million development agreement, introducing a two-year concessional loan scheme for SMEs and opportunities for vessel procurement. Additionally, customs services have transitioned to 24-hour operations, and bunkering services have generated MVR 282 million in revenue. With ongoing development projects in Faresmaathodaa and Fiyoari, 2026 has been designated as the National Year of Productivity.