AGP Executive Report
Last update: 4 hours agoForex & Salaries: The Maldives Monetary Authority says resorts and other businesses face no legal barrier to keep paying employee salaries in U.S. Dollars, even after Parliament’s 40% foreign-exchange deposit rule—while the longer-term goal remains shifting more domestic transactions to rufiyaa. Pension Rules: The Maldives Pension Administration Office clarifies pension contributions must be paid in rufiyaa even when salaries are in USD, with basic pay converted first and contributions calculated in local currency. Tourism Tax: Parliament approved extending Tourism Goods and Services Tax to foreign booking platforms and tour operators, making overseas sellers register with MIRA and pay TGST based on where the tourism service is supplied. Port Procurement: Maldives Ports Limited invites bids for facilities for the Thilafushi Port Development Project, covering operations, cargo handling, cold storage and bonded warehousing; applications close 10 September. Banking Access: Maldives Islamic Bank expands 24-hour ATMs to three Baa Atoll islands and opens a full branch in Eydhafushi. Youth Finance: Bank of Maldives and SME Digital report over 3,000 young entrepreneurs receiving more than USD 19.5m in financing under the first phase of a youth entrepreneurship programme. Trade Controls: Banks and Maldives Customs sign an agreement to verify telegraphic transfers for imports/exports and curb counterfeit TT documents. Diesel for Fisheries: Hawks Private Limited starts selling diesel to fishing vessels at MVR 17 per litre, with sales limited to registered fisheries vessels. Tourism Revenue: MMA data shows tourism-related tax revenue up 6% in the first half of 2026, but reserves fell by mid-year as debt servicing rose sharply. Crime & Courts: Two people were jailed after confessing to the oil attack on opposition activist Mandhy Zubair, while three men were convicted for running large-scale explicit Telegram channels for profit.
Note: AI summary from news headlines; neutral sources weighted more to help reduce bias in the result. Feedback is welcome. Please let us know if you have any comments or suggestions about the AGP Executive Report.