AGP Executive Report

Economic Crime Training: India’s CBI ran a one-week economic offence investigation course for 30 officers from 13 ITEC countries, including Maldives, covering investigation, SOPs and prosecution. Health Infrastructure: Maldives’ Health Ministry broke ground on a Central Cold Chain Facility in Hulhumalé under ADB’s APVAX project to strengthen vaccine and temperature-sensitive supply storage. Tax Recovery: MIRA says it recovered MVR 3.5 billion in outstanding revenue in the first six months, with total unpaid taxes at MVR 14.5 billion by end-June. Public Health Alert: Hawaiʻi reported dengue detected in Hilo wastewater, with no active cases currently tracked—an extra reminder for travellers. Governance & Services: Maldives logged 2,538 births and 813 deaths in the first six months, and plans 113 housing projects nationwide. Currency Debate: Fisheries Minister Ahmed Shiyam urged people not to “sensationalize” the US dollar, calling for reforms to strengthen the rufiyaa. State Enterprise Politics: STELCO suspended an HR staff member after a live TV remark linked employee party sign-ups to PNC. Tourism & Security: Maldives is again flagged as a transit route for Russian sanctions evasion, while police reported about MVR 2 million lost to scams in August.

Sanctions & Trade: The Maldives is being used as a transit hub for Russia-linked sanctions evasion, with restricted goods reportedly routed via Malé and then loaded onto Aeroflot flights to Moscow, including dual-use items like microchips and satellite-related optical gear. Tourism Demand: Yandex Ads research says Russian demand is becoming more year-round, with Russia now the Maldives’ second-largest source market and hotel bookings via Yandex Travel up sharply. Tourism Growth: August saw the highest tourist arrivals since the Middle East war began, with China leading arrivals and Russia close behind. Housing Push: The government is rolling out 113 housing projects nationwide to tackle shortages, including 21 in the Male region. Forex & Scams: Police report about MVR 2 million lost to scams in August, with currency exchange fraud a major driver; authorities also highlight recovery of MVR 1.13 million. Policy & Tax: MIRA says a new GST amendment will bring foreign tour operators and overseas tourism businesses into the GST system. Regional Travel Rules: Thailand will cut visa-free stays for Maldivians to 30 days from September 15, after earlier changes. Health Alert: Hawaii’s health department detected dengue virus in wastewater; officials say cases there remain travel-associated. Awards & Hospitality: Kuredhivaru won two TTM Awards, and Zipline Maldives received a global excellence award for its island-to-island zipline.

Sanctions & Trade: A Wall Street Journal investigation says Russia-linked networks have used the Maldives as a transit hub to move restricted goods, with cargo reportedly staying in the airport transit area before being flown to Moscow. Opposition on Economy: Former finance minister Ibrahim Ameer told an MDP rally that fishermen are catching less and that people are poorer than under previous administrations. Foreign Currency Crackdown: Maldives Police launched probes into alleged unlicensed forex trading, freezing accounts tied to Naid Investments and detaining six foreign nationals over a large currency network. India Ties & Infrastructure: President Muizzu praised the India-backed Thilamale Bridge as a symbol of enduring Maldives-India ties, marking a clear shift from his earlier “India Out” stance. Halal Tourism Push: Muizzu met ICCD leaders to expand halal business and tourism cooperation. Tourism Tax Update: MIRA says a new GST amendment will bring eligible foreign tour operators and overseas tourism businesses into the GST system. Tourism Awards & Growth: Zipline Maldives won a “World’s Most Beautiful Zipline” award; Maldives also featured at Seafood Expo Asia in Singapore. Safety for Children: Police are investigating a mother’s possible involvement in a child abuse case and say child abuse cases are rising.

Climate & Energy: Students are invited to submit ideas for climate-resilient solar panels for small island states, including the Maldives, under the ISA-iSUN Design Challenge, with a 31 October deadline. Halal Tourism: President Dr. Mohamed Muizzu met the Islamic Chamber of Commerce and Development to discuss expanding halal tourism, capacity building and investment cooperation. Tourism Policy: Thailand will replace its 60-day visa-free stay with new 30-day and 15-day categories from 15 September, affecting travellers from dozens of countries including the Maldives. Foreign Exchange Crackdown: Maldives Police launched investigations after freezing accounts linked to Naid Investments over alleged unlicensed foreign currency trading, and detained six foreign nationals in a separate case involving large forex transactions. Tourism Industry Moves: Abdulla Faiz was appointed Chairman of MIFCO, while Maldives Islamic Bank extended the MIB Guesthouse Awards 2026 application deadline to 14 September. Marine Conservation & Value: Kandooma Maldives marks Manta Month with a conservation focus, citing research on the economic value of manta ray tourism to the Maldives. Local Safety: MP Ahmed Siyam Mohamed called for stronger child safety measures after two separate tragedies involving children in Hulhumalé. Tourism Events: COMO Maalifushi hosts “The Wave is Hers” with Maldivian surfer Rishtha Shuja, and Ayada Maldives unveiled its festive “Sea, Fire, Light and Magic” programme for Dec 2026–Jan 2027.

Foreign Exchange Crackdown: Maldives Police launched investigations and froze accounts tied to Naid Investment Pvt Ltd over alleged unlicensed foreign currency trading, while separate operations detained six foreign nationals linked to an unauthorised forex network involving MVR 54.4m and USD 1.63m over three years. Child Safety Probe: Police are also investigating a mother’s possible involvement in a case where a father allegedly abused and recorded abuse of a three-year-old child, with authorities working with the Health Ministry to protect the minor. Tourism Tax Compliance: MIRA ordered TGST-registered businesses to report foreign parties selling Maldives tourism products, pushing foreign tour operators/OTAs and bed banks to register under the GST Act amendment. FX Rules and Resort Costs: MATI warned that any requirement beyond 10% would be “not viable,” arguing resorts already pay many costs in dollars and that unresolved exemption requests remain. Business Appointments: Abdulla Faiz was appointed Chairman of MIFCO, and Air Marshal Sandeep Thareja took over as DGAFMS. Energy & Resources: Cabinet decided to draft a legal framework for oil, gas and mineral exploration and extraction in Maldives maritime zones. Travel Trade: Visit Maldives and partners promoted the destination at ITB India 2026.

Offshore Resources: The Cabinet has moved to create a dedicated legal framework for exploring and extracting oil, gas, minerals and other non-living marine resources in Maldives maritime zones, with a special bill to set permit procedures, ownership and regulation. FX Crackdown: Police have frozen Naid Investment Pvt Ltd accounts over alleged unlicensed foreign currency trading, as authorities step up enforcement against black-market FX activity. Tourism FX Rules: President Muizzu ratified amendments tightening foreign exchange rules, including a requirement for resorts to convert 40% of foreign currency earnings through local banks—while insisting resort employees should keep getting paid in US dollars. Illegal Forex Network: Six expatriates were detained over an alleged unauthorized forex network, with authorities saying MVR 54.4m and USD 1.63m moved through personal accounts over three years. GST on Tourism Services: Muizzu also ratified GST amendments requiring foreign tour operators and travel agents to collect GST for services supplied in the Maldives, including via offshore booking platforms. Travel Trade & Awards: ITB India 2026 opened in Mumbai with Visit Maldives Corporation among participants, while The Standard, Maldives won Best Beach Resort at TTM Awards 2026. Regional Travel Update: Thailand confirmed it will cut visa-free stays from 60 to 30 days for tourists from 60 countries starting September 15, 2026.

Foreign Exchange Crackdown: Police and Immigration detained six expats over an alleged large-scale forex network, with authorities saying MVR 54.4 million and USD 1.63 million moved through personal accounts over three years. Tourism Dollar Rules: President Dr. Muizzu ratified foreign exchange amendments requiring resorts to convert 40% of USD earnings via local banks, while insisting staff salaries must continue in US dollars; the Maldives’ shift to a rufiyaa-centered system is said to take about 10 years. Political Pushback: The MDP vowed “direct political action” against the government over the 40% conversion requirement, calling for dialogue and urging President Muizzu to resign. Energy & Minerals Framework: Cabinet approved a legal framework for oil, gas and mineral exploration and extraction in Maldives maritime zones, with a dedicated bill to set permits and ownership rules. GST for Tourism Middlemen: Muizzu ratified GST amendments making foreign tour operators and travel agents collect GST for services supplied in the Maldives, including via offshore booking platforms. Education Aid: Maldives and Japan signed an MVR 14.7 million grant agreement for scholarship opportunities, targeting public-sector workers. Public Safety Alert: Police urged people not to share a viral video of a 16-year-old girl who fell from an Aman Udhares tower, citing harm to the child’s dignity and privacy. Local Governance Audit: Kaafu Atoll Council paid uniform allowances without CSC approval, alongside other compliance issues flagged in an audit report. Diplomacy & Appointments: Muizzu extended Malaysia Independence Day greetings and appointed Jameela Ali Khalid as the new High Commissioner to the UK.

Foreign Exchange Bill: President Dr. Mohamed Muizzu ratified the Foreign Exchange Bill, banning publication of foreign-currency rates above the MMA reference price and requiring resorts to convert 40% of their dollar income through the banking system, with fines for individuals and businesses and potential criminal prosecution for related offences. Tourism & Economy: Muizzu said the policy is in the public interest to stabilise foreign exchange and curb black-market dollar trading, while Vice President Hussain Mohamed Latheef defended it as “far-sighted”; opposition figures including former President Mohamed Nasheed warned it could bankrupt resorts. Diplomacy (Malaysia): Muizzu sent Independence Day greetings to Malaysia’s King and PM, stressing five decades of friendship and pledging expanded economic engagement. Appointments (UK): Muizzu appointed Jameela Ali Khalid as Maldives High Commissioner to the UK, filling a vacancy left after Iruthisham Adam became Foreign Minister. Crime: Police arrested two men in the Maduvvari drug case after a 28 August operation; court ordered remand for both. Infrastructure & Connectivity: Officials inspected progress on the Greater Malé Connectivity Project, highlighting the Thilamalé Bridge as a major Maldives-India milestone. Wellness & Resorts: Four Seasons Maldives unveiled ŪRJĀ Naturopathy Island, and Six Senses launched its first women’s wellbeing retreat in the Maldives. Sports: Dhiraagu Malé Open 2026 honoured top open-water swimmers after a record turnout of 420+ participants.

Forex Rules & Tourism Fallout: Opposition leader Mohamed Nasheed says the new requirement for resorts to convert 40% of USD earnings could “irrevocably bankrupt” businesses and trigger job losses, while the Maldives Monetary Authority says the law does not legally stop employers from paying salaries in USD. Infrastructure & Diplomacy: President Muizzu inspected the Thilamalé Bridge under the Greater Malé Connectivity Project, calling it a symbol of Maldives-India friendship and a milestone for faster delivery; the Indian High Commissioner echoed that it’s among India’s biggest overseas projects. Local Safety: Maldives Police fined a motorcyclist after a viral video showed reckless driving on Sinamalé Bridge, with the vehicle towed for 30 days and the licence suspended. Sports & Community: Dhiraagu Malé Open 2026 concluded with record turnout of 420+ swimmers, with awards across 250m/500m/1km and a new 500m team relay. Regulation Updates: MMA published new insurance regulations for the Insurance Act, including a required MVR 2 million security deposit. Disability Support: The Riveli Award submission deadline was extended to Sept 17 at 13:00. Tourism Numbers: Maldives welcomed 172,487 visitors this month so far, up 2.2% year-on-year, though total arrivals for the year remain down 3.8%. Marine & Culture: Dusit Thani Maldives won “Best House Reefs” at TTM Awards 2026.

Foreign Exchange Showdown: Vice President Hussain Mohamed Latheef defends Muizzu’s rule requiring resorts to convert 40% of dollar revenue as “public interest” to ease dollar shortages, while opposition leader Mohamed Nasheed warns it could “irrevocably bankrupt” resorts and trigger job losses. Central Bank Clarification: The Maldives Monetary Authority says businesses are not legally barred from paying employees in US dollars despite the new Foreign Exchange Act amendment. Tourism Pulse: Maldives tourist arrivals reached 172,487 so far this month, up 2.2% year-on-year, though total arrivals for the year remain below last year. Tourism Tax Expansion: Parliament approved extending Tourism Goods and Services Tax duties to overseas booking platforms and tour operators, with liability based on where services are supplied in the Maldives. Infrastructure & Trade: Maldives Ports Limited is inviting bids for facilities for the Thilafushi Port project, aimed at moving commercial port operations out of Malé. Climate Watch: MET warns above-normal temperatures from September to November as El Niño strengthens, with knock-on risks for reefs, agriculture and fisheries. Diplomacy: President Muizzu marks the 8th anniversary of the China-Maldives Sinamale’ Bridge, calling it a symbol of trust and unity.

Forex Reform Fallout: Former President Mohamed Nasheed says Parliament’s new 40% USD conversion rule could bankrupt resorts and trigger job losses, while the Maldives Monetary Authority insists businesses can still pay staff in USD despite the amendment. Tourism Numbers: Maldives tourist arrivals reached 172,487 this month, up 2.2% year-on-year, though total arrivals for the year remain below last year. Tourism Tax Overhaul: Parliament approved extending Tourism Goods and Services Tax to overseas booking platforms and tour operators, requiring offshore sellers to register with MIRA and pay tax based on where services are supplied. Port Project Tender: Maldives Ports Limited has opened bids for facility providers for the Thilafushi Port Development Project, with applications closing 10 September. Health Workforce Concern: The Maldives Health Professionals Union warns expatriate healthcare workers were reclassified from “Professional” to “Non-Professional,” risking dependent visas and benefits. Women & Youth: First Lady Sajidha Mohamed urged more women’s participation in national development, while Bank of Maldives reported USD 19.5m in financing for 3,000 young entrepreneurs. Climate Watch: MET warns El Niño could bring above-normal heat from September to November, with knock-on risks for reefs, agriculture and fisheries.

Tourism Numbers: Maldives tourist arrivals topped 172,000 this month, up 2.2% year-on-year to 172,487, though total arrivals for the year still trail last year (1,427,104 so far). Currency & Business Rules: The Maldives Monetary Authority says resorts can legally keep paying employees in U.S. Dollars despite the new 40% foreign-exchange deposit requirement, while the government pushes a longer-term shift toward Rufiyaa. Tourism Tax Overhaul: Parliament approved extending Tourism Goods and Services Tax to overseas booking platforms and tour operators, meaning offshore sellers may need to register and pay tax based on where services are supplied. Ports & Trade: Maldives Ports Limited is inviting bids for facilities for the Thilafushi Port project, with applications closing 10 September. Weather Watch: The MET expects above-normal temperatures from September to November under strengthening El Niño, with mixed rainfall and risks to reefs, agriculture and fish stocks. Local Accountability: Police have referred the Thinadhoo “city status” population fraud allegations to the Prosecutor General’s Office for possible criminal charges. Women & Youth: The First Lady urged wider women’s participation in national development, while Bank of Maldives and SME Digital say 3,000+ youth received about USD 19.5m in financing for entrepreneurship. Culture & Hospitality: Ifuru Island Maldives will host the Ripple & Friends music festival from 17–21 September, and Le Méridien Maldives is partnering with Patémar on ocean-conscious resortwear.

Forex Clarity for Resorts: The Maldives Monetary Authority says Parliament’s new 40% foreign-exchange deposit rule doesn’t legally stop resorts from paying employee salaries in U.S. Dollars, while the wider shift to Rufiyaa will only come after broader macro reforms. Tourism Update: The Maldives saw 172,487 tourist arrivals so far this month, up 2.2% year-on-year, though total arrivals for the year remain slightly below last year. Tourism Tax for Overseas Sellers: Parliament approved extending Tourism Goods and Services Tax duties to foreign booking platforms and offshore tour operators, requiring them to register with MIRA and pay tax on services supplied in the Maldives. Port Project Tender: Maldives Ports Limited has opened a tender for facility providers for the Thilafushi Port Development Project, with applications closing 10 September. Weather Watch: The MET Office warns El Niño could bring above-normal temperatures from September to November, with rainfall patterns varying by region. Youth Finance Boost: Bank of Maldives and SME Digital have funded over 3,000 young entrepreneurs with USD 19.5m in the first phase of a collateral-free financing programme.

Foreign Exchange Reforms: President Dr Mohamed Muizzu defended the government’s dollar measures on PSM’s “Nation Chat”, saying reforms are research-based and will be rolled out after consultations, technical reviews and law amendments to curb black-market practices and improve foreign currency circulation. Tourism Industry Fallout: The Maldives Association of Travel Agents and Tour Operators (MATATO) warned that a proposed GST amendment could hit offshore booking platforms and foreign tour operators, arguing it was introduced without enough consultation and may push business away from the Maldives; meanwhile, the Tourism Employees Association (TEAM) said the 40% dollar deposit rule is hurting workers’ incomes and urged the government to protect tourism staff. Banking & Trade Controls: Maldives Customs signed an agreement with seven banks to verify TT documents for imports and exports, with the MMA and its Financial Intelligence Unit coordinating checks to prevent counterfeit transfers. Tourism Business Updates: Travel Trade Maldives (TTM) 2026 opened in Malé with 130+ resorts and 250+ operators/agents from 30 source markets, as Visit Maldives pushes international partnerships. Leadership Change: Visit Maldives MD Ibrahim Shiuree resigned, and Abdulla Yaasir was appointed as the new Managing Director. Youth & Women: Bank of Maldives and SME Digital provided USD 19.5m in financing to 3,000 young entrepreneurs, while First Lady Sajidha urged wider women’s participation and entrepreneurship opportunities. Tourism Demand Signal: Luxury Escapes said its Melbourne–Malé direct flights will run year-round in 2027 after strong load factors and a 65% jump in Maldives package bookings. Public Safety: Police reported a woman died after a gas leak in Malé, with another victim injured and under treatment.

Foreign Exchange Crackdown: Maldives Customs and all banks signed an agreement to verify telegraphic transfers and curb counterfeit trade payments, with the MMA’s FIU coordinating checks. Dollar Shortage Politics: President Muizzu defended foreign exchange reforms on PSM’s “Nation Chat,” saying measures are research-led and will be rolled out with consultations, while tourism workers warn the 40% USD deposit rule could squeeze salaries. Tourism Governance Shake-up: Visit Maldives MD Ibrahim Shiuree resigned and Abdulla Yaasir was appointed to lead the tourism promotion body; meanwhile Tourism Advisor Mohamed Khaleel also stepped down after the foreign exchange bill passed. Tourism Industry Pushback: MATATO and MATI raised concerns over GST changes targeting offshore booking platforms, warning it could disrupt the international booking chain and hurt local agents. Youth Entrepreneurship: Bank of Maldives and SME Digital funded 3,000+ young entrepreneurs with USD 19.5m in collateral-free financing plus mentorship. Public Safety: Police are investigating a reported gas leak in Malé that killed a 51-year-old woman. Local Legal Case: Thinadhoo city-status allegations involving falsified population figures have been referred to the Prosecutor General’s Office.

Tourism Leadership Shake-up: Visit Maldives Corporation has a new Managing Director, with Abdulla Yaasir appointed as the third MD under the current government after Ibrahim Shiuree’s resignation. Foreign Exchange Reforms: President Mohamed Muizzu defended the government’s dollar measures on PSM’s Nation Chat, saying reforms are research-led and will be rolled out with consultations, while Parliament has passed a Foreign Exchange Bill requiring resorts to convert 40% of USD earnings via the banking system and banning black-market rate publication. Industry Pushback: Tourism groups are warning the reforms could hit livelihoods and bookings—TEAM blamed “foolish policies” for the dollar squeeze, while MATATO warned a separate GST amendment on offshore booking platforms could discourage foreign promotion of the Maldives. Tourism Trade Momentum: Travel Trade Maldives (TTM) 2026 opened in Malé with 250+ operators and agents and 130+ resorts, as Visit Maldives ramps up global meetings and partnerships. Wellness Demand: Mandara Spa and Chavana Spa both launched multi-day wellness programmes across Maldives resorts, reflecting a shift toward longer, structured wellbeing holidays.