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Maldives Monetary Authority
In the news, last 90 days
Economy
Private sector lending surges in the Maldives, central bank data shows
A Maldives Monetary Authority Monthly Statistics report shows credit extended to the private sector rose steadily through the year, from USD 2.66 billion in January to a peak of USD 3.05 billion in September. In September, tourism received the largest share at USD 972.76 million, followed by construction at USD 713.36 million, while agriculture received the lowest at USD 1.30 million.
Economy
Alliana sworn in as new Paraguay president after Pena's impeachment
Paraguayan lawmakers swore in former Vice President Pedro Alliana as president after the impeachment of Santiago Pena over the collapse of Ueno Bank, whose seizure blocked the accounts of almost half the population. The Central Bank began making advance payments to affected depositors, starting with clients holding deposits of up to around $1,600.
Economy
Private sector lending reaches MVR 47 billion in September
Loans from financial institutions to the private sector in the Maldives rose to MVR 47 billion in September, continuing a steady climb from MVR 41 billion in January, according to Maldives Monetary Authority statistics. Tourism received the largest share at MVR 15 billion, followed by construction at MVR 11 billion, personal loans at MVR 9 billion, and agriculture the least at MVR 20 million.
Economy
MMA launches Money Changer System to strengthen forex oversight
The Maldives Monetary Authority launched the Money Changer System, a digital platform for foreign currency transaction reporting, which becomes mandatory for all licensed money changers from 1 December 2026. The launch follows amendments to the Foreign Currency Act ratified in August 2026 that reinforced MMA oversight of currency exchange activities.
Economy
MMA legally responsible for resolving dollar shortage: Saeed
Economic Minister Mohamed Saeed told Parliament that the Maldives Monetary Authority, not his ministry, is legally responsible for resolving the dollar shortage, citing Article 24(a) of the Maldives Monetary Authority Act 1981. He said the current administration has released 80 per cent more US dollars through banks than the previous one, with USD 1.9 billion released over the past three years under President Dr Mohamed Muizzu.
Politics
Dollar rate could fall to MVR 10 if PNC stays in power for 15 years: Falaah
During a parliamentary debate on a no-confidence motion against Economic Minister Mohamed Saeed, PNC Parliamentary Group Leader Ibrahim Falaah said the dollar could fall to MVR 10 if the ruling PNC stays in power for another 10 to 15 years, blaming the previous MDP government for dollar appreciation. Saeed responded with USD disbursement figures, saying USD 1.9 billion had been issued at the official rate during the first three years of President Dr Mohamed Muizzu's administration.
Economy
Government issued over 80 percent more USD than previous administration: Saeed
Economic Minister Mohamed Saeed said the current government has issued 80 percent more US dollars at the official exchange rate than the previous administration, citing USD 1.9 billion issued over the first three years against USD 1.75 billion disbursed between 2021 and November 17, 2023. He was responding to a no-confidence motion filed by 13 MDP MPs in Parliament on 4 Nov.
Economy
Government measures to mitigate dollar shortage show results
Government measures to ease the dollar shortage are showing results, with USD 1.9 billion released at the official rate — an 80 per cent increase over the previous Administration — and foreign exchange reforms improving access through formal banking channels. MP Ibrahim Falah made the remarks during Parliament's debate on the no-confidence motion against Minister Mohamed Saeed, rejecting the opposition's six grounds for removal as unfounded.
Economy
Budget 2027: Sovereign Development Fund inflows projected at MVR...
The proposed 2027 State budget projects annual inflows to the Sovereign Development Fund of MVR 2.3 billion, up from MVR 2.2 billion expected in 2026, with further increases in 2028 and 2029. The budget also forecasts debt repayments falling sharply from MVR 11.7 billion in 2026 to MVR 4.4 billion next year, while domestic and external debt rise to 83.4 per cent and 33.5 per cent of GDP respectively.
Economy
China overtakes UAE as Maldives’ largest import source following...
China overtook the UAE as the Maldives' largest source of imports in the first nine months of 2026, with purchases from China rising 32 per cent to USD 503.9 million while imports from the UAE fell 42.6 per cent. Total imports reached USD 3.35 billion, driven mainly by higher fuel spending amid the Middle East conflict.
Tourism
Oceania tourist arrivals rise 20% following launch of direct flights
Tourist arrivals from Oceania to the Maldives rose 20 per cent to 40,481 in the first nine months of 2026, coinciding with Maldivian's direct Malé–Melbourne service that began in May 2026. Australia accounted for 37,346 of the arrivals, up 20.4 per cent year on year, with September recording the region's highest monthly arrivals so far this year at 5,715.
Economy
Jet Fuel Drives Maldives’ Re-Exports Past 2025 Total
Maldives re-export earnings reached USD 314.9 million between January and September 2026, up 48.5 per cent year-on-year and above the whole of 2025's USD 299.2 million, with jet fuel accounting for about 81 per cent of the total. The sea-to-air cargo service, launched in May 2024, handled 633 tonnes of outbound cargo in July across six airlines to 10 countries.
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