What are the latest news in Maldives? September 1st, 2026
Major Economic & Foreign Exchange Reforms
- New Forex Conversion Mandate Takes Effect: Starting September 1, 2026, Category A resorts are required to convert 40% of their monthly gross foreign currency sales through banks licensed by the Maldives Monetary Authority (MMA), replacing the prior flat per-tourist conversion rule. Corporate Maldives
- Crackdown on Parallel Currency Trading: New legislation imposes severe penalties for buying or selling foreign currency outside MMA official rates, with individual fines up to MVR 1 million and corporate fines reaching MVR 5 million. Corporate Maldives
- Ratification of Key Reform Bills: President Mohamed Muizzu has ratified a package of seven major laws addressing foreign currency regulations, taxation, land administration, transport management, and fisheries oversight. Corporate Maldives
- Tourism Goods and Services Tax (TGST) Extension: Amendments expand the 17% TGST to capture services sold through offshore booking platforms and foreign tour operators under the destination principle. Corporate Maldives
- Uninhabited Island & Lagoon Leasing Framework: A purpose-based leasing rate has replaced uniform rent for uninhabited islands and standalone lagoons, setting varied square-meter tariffs for industrial, agricultural, and social projects. Corporate Maldives
- Greater Malé Transport Regulation: The new Land Transport Act establishes the Greater Malé region as a controlled traffic management zone with vehicle quotas, creates a Greater Malé Transport and Mobility Office, and caps standard vehicle lifespans at 20 years from manufacture. Corporate Maldives
- Thilamalé Bridge Milestones: Construction and review phases continue for the Thilamalé Bridge project, linking Malé and Vilimalé to alleviate urban congestion. One Online
- Arrival Trends: National tourism data showed a rebound in visitor volume, recording over 150,000 arrivals in the first three weeks of August, pushing total 2026 visitor counts past 1.4 million. Maaldif Online – جزر المالديف
- Industry Awards: The 10th edition of the Travel Trade Maldives (TTM) Gala concluded, recognizing top-performing resorts and service providers across the country’s hospitality sector.