Authority, commission or agency
Maldives Monetary Authority (MMA)
In the news, last 90 days
Economy
MMA launches digital platform for money changers, mandatory to use from December 1
The Maldives Monetary Authority has launched the Money Changer System, a digital platform to improve the recording and reporting of foreign exchange transactions by licensed money changers. Use of the system becomes mandatory for all licensed money changers from December 1, 2026.
Economy
Budget 2027: Committee approves timeline to finalize budget review within two weeks
Parliament's Budget Review Committee approved a timeline to finalize the proposed 2027 state budget by November 19, and scheduled a session on November 9 to question the Ministry of Finance. A budget of MVR 59,704,440,795 has been submitted to the People's Majlis for 2027, with total expenditure estimated at MVR 52.6 billion.
Infrastructure
BML begins foundation concreting for 182 affordable housing units...
BML Affordable Home Leasing has commenced foundation concreting for 182 of 364 housing units being developed in Hulhumalé Phase I under the government's affordable housing programme, with AMIN Construction as contractor. BML expects construction of the units to be completed by mid-2028.
Politics
Minister: We supplied 80% more dollars than MDP administration
Economic Minister Mohamed Saeed told Parliament that the PNC administration supplied USD 1.9 billion in US dollars to banks during its first three years, 80 percent more than the MDP administration did in its last three, while responding to a no-confidence motion filed against him by the MDP. He said the Maldives Monetary Authority, not he, formulates foreign exchange policy, and defended the increase of the mandatory USD exchange requirement from 20 to 40 percent.
Economy
Minister Saeed credits economic reforms for improved US dollar...
Minister of Economic Development, Transport and Trade Mohamed Saeed told the People's Majlis that US dollar availability has improved under President Dr Mohamed Muizzu's Administration, presenting figures showing higher foreign currency disbursements than under the previous administration. The remarks came in response to a no-confidence motion filed by the MDP, which cited the unofficial exchange rate and rising prices.
Economy
Maldives’ exports rise 16.9% in first nine months
The Maldives' total exports rose 16.9 per cent to USD 380.3 million in the first nine months of 2026, driven by higher re-exports of jet fuel, while domestic exports fell 42.3 per cent amid a sharp decline in fish exports.
Economy
Resorts Required to Deposit 40% of Monthly Revenue in Banks
The Maldives Monetary Authority announced that resorts must deposit 40% of their monthly revenue into a Maldives-established bank, with the deposit deadline moved from the 28th of the third month following the revenue month to the 28th of the immediately following month. The MMA also raised the annual revenue threshold for non-tourism businesses required to deposit foreign currency earnings from USD 15 million to USD 25 million, and warned it will disclose the names of businesses that fail to comply by the deadline.
Economy
MMA reminds foreign currency earners of monthly conversion obligations
The Maldives Monetary Authority reminded foreign currency-earning businesses of their mandatory monthly conversion obligations under the Foreign Exchange Act, warning that non-compliant businesses will be publicly named. Under amended rules effective September 1, resorts must convert 40 percent of monthly foreign currency revenue through local banks, while guesthouses continue under the original arrangement.
Economy
MMA welcomes rollover of INR 30 billion swap facility during RBI talks
Maldives Monetary Authority Governor Ahmed Munawar met Reserve Bank of India Governor Sanjay Malhotra in New Delhi on October 19 on the sidelines of Samvad 2026 to discuss linking India's UPI with the Maldives' Favara payment system and India's currency swap facility. The two sides discussed a Person-to-Merchant connection targeted for launch in the first half of 2027, and Munawar thanked the RBI for approving the first rollover of the INR 30 billion swap facility.
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