AGP Executive Report

Foreign Exchange Crackdown: Maldives Police and Immigration detained six expatriates 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. Party Politics: The MDP approved Shifaz as Deputy Chairperson (Financial) and vowed “direct political action” against the government over the 40% foreign currency exchange requirement for resorts, linking the campaign to calls for President Muizzu to resign. Dollar Rules for Tourism: President Dr. Muizzu ratified foreign exchange amendments and said resorts should keep paying staff in US dollars, while the 40% conversion rule is meant to strengthen the formal forex market. Tax and GST Push: Muizzu also ratified GST changes requiring GST collection on services by foreign tour operators and travel agents, including offshore booking platforms. Energy and Resources: Cabinet moved to set up a legal framework for oil, gas and mineral exploration in Maldives maritime zones. Education and Culture: Maldives and Japan signed an MVR 14.7m grant for scholarships, while Sun Siyam Media became media partner for a charity show supporting vulnerable children. Public Safety: Police urged people not to share a video after a 16-year-old fell from a third-floor tower in Hulhumalé; she is receiving treatment.

Foreign Relations: President Muizzu sent Malaysia’s Independence Day greetings to King Sultan Ibrahim and PM Anwar Ibrahim, stressing five decades of friendship and pledging deeper economic cooperation. Diplomacy Appointments: Muizzu appointed Jameela Ali Khalid as Maldives High Commissioner to the UK, as the post had been vacant since Iruthisham Adam became foreign minister. Foreign Exchange Law: The President ratified the Foreign Exchange Bill, locking in the 40% rule for resorts to convert USD via the banking system and banning publication of rates above the MMA reference price. Local Economy & Infrastructure: India’s High Commissioner said the Thilamalé Bridge is among India’s biggest overseas infrastructure projects, with the GMCP nearing completion as leaders inspected new segments. Public Safety: Police arrested two in the Maduvvari drug case after a special operation; remand was granted for both. Transport & Travel: Immigration extended expired passports free of charge until 30 June 2027 due to booklet delays, with emergency passports available for short trips. Community & Culture: Dhiraagu Male’ Open 2026 drew 420+ swimmers, while ananea Madivaru Maldives opened “Island Stories” featuring artist Umair Badheeu. Wellness & Tourism: Four Seasons Maldives launched ŪRJĀ Naturopathy Island, a women’s wellbeing-style wellness destination focused on long-term vitality.

Infrastructure & Diplomacy: President Muizzu inspected the Thilamalé Bridge under the Greater Malé Connectivity Project, calling it a landmark of Maldives-India friendship and a sign the government is pushing major works to finish faster. Immigration: Maldives Immigration amended passport rules so the Controller General can waive fees for temporary travel documents for a set period, with the change tied to passport stock delays. Public Safety: Police fined and suspended a motorcyclist after a viral reckless-driving video on Sinamalé Bridge; separately, a man was remanded for 15 days over a carjacking-linked crash in Fuvahmulah. Emergency Response: MNDF firefighters handled 16 emergencies last week, mostly fires, including a gas cylinder explosion that injured four and a fatal gas leak in Malé. Health Services: Hulhumalé Hospital opened new specialist services—gastroenterology, neurology and urology—to improve access to advanced care. Engineering Push: Muizzu announced plans for a state-of-the-art engineering laboratory funded outside the state budget, as Maldives marks National Engineers’ Day. Economy Debate: Opposition leaders warned that requiring resorts to convert 40% of dollar earnings could bankrupt businesses, while the government says it’s meant to stabilise foreign exchange. Sports & Community: Dhiraagu Malé Open 2026 honoured top open-water swimmers after a record turnout of 420+ participants.

National Development: President Muizzu marked the 8th anniversary of the China-Maldives Friendship Bridge, calling it a symbol of trust and unity, and visited the China-Maldives Everlasting Friendship Park. Engineering Push: On National Engineers’ Day, he announced a new government building with a state-of-the-art laboratory for engineering research, including civil, robotics, AI and digital engineering. Foreign Exchange Debate: Vice President Latheef defended the 40% USD revenue conversion rule as necessary for stabilising dollars, while opposition leader Mohamed Nasheed warned it could bankrupt resorts and trigger wider tourism job losses. Health Services: Hulhumalé Hospital inaugurated three specialist services—gastroenterology, neurology and urology—to improve access to specialist care. Fisheries: MIFCO raised its skipjack tuna purchase price to MVR 21/kg, effective today. Public Safety: Police arrested a 23-year-old man accused of fleeing after a motorcycle collision with a Traffic Police Officer in Malé. Tourism & Community: Royal Island Resort held its annual blood donation drive with Maldivian Blood Services.

Forex & Tourism Shock: Former President Mohamed Nasheed says the new 40% US dollar conversion requirement for resorts could bankrupt businesses and trigger job losses, while the Maldives Monetary Authority insists the law doesn’t legally stop employers from paying salaries in USD. Health Services: Hulhumale’ Hospital inaugurated neurology, gastroenterology and urology specialist services to expand access to care. Fisheries: MIFCO raised its skipjack tuna purchase price by MVR 1 to MVR 21/kg, effective immediately, aiming to align with private traders and support fishermen. Public Safety: Police arrested a 23-year-old suspect after a motorcycle collision with a Traffic Police Officer in Malé; the officer’s injuries were not life-threatening. 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. Immigration Update: Passport validity will be extended free of charge until end-June next year due to delayed booklet supply; emergency passports are available for short trips. Weather Watch: MET forecasts above-average temperatures from September to November under strengthening El Niño, with risks to reefs, fisheries and agriculture.

Tourism Numbers: Maldives welcomed 172,487 tourists so far this month, up 2.2% year-on-year, with China the top source market (262,120 visitors). Currency & Jobs: Maldives Monetary Authority says resorts can legally keep paying staff in US dollars even after the 40% forex deposit rule, while a longer-term shift to rufiyaa depends on broader reforms. Foreign Policy: Foreign Minister Iruthisham Adam urged OIC members to act decisively for Palestinian rights at an emergency Jeddah meeting, calling for accountability and a plan to end the Gaza conflict. Travel Disruptions: Maldives Immigration will extend expiring passports free of charge until end-June next year due to delayed booklet supply, with emergency passports for short trips. Climate Watch: MET forecasts above-average temperatures from September to November under strengthening El Niño, with regional rainfall swings and risks to coral reefs. Ports & Infrastructure: MPL invited bids for facilities for the Thilafushi Port Development Project, with applications closing 10 September. Crime & Justice: Criminal Court sentenced men over a Telegram network distributing explicit material, including cases involving minors.

Tourism & Economy: Maldives tourist arrivals rose 2.2% this month, with 172,487 visitors so far—though the year-to-date total still trails last year—while MMA data shows tourism tax and fee inflows up 6% in the first half as reserves swing amid heavy external debt servicing. Forex Rules Clarified: The Maldives Monetary Authority says resorts and other businesses are not legally barred from paying employee salaries in U.S. dollars, even after the 40% foreign-exchange deposit rule—while the longer-term plan targets more domestic use of rufiyaa. Public Services: Maldives Immigration will extend expiring passports free of charge until end-June next year due to passport booklet stock delays, with emergency passports issued for short trips. Climate Watch: The MET Office warns temperatures will stay above average from September to November as El Niño strengthens, with regional rainfall shifts and risks to coral reefs, agriculture and fisheries. Security & Justice: Two men were jailed over an oil attack on opposition activist Mandhy Zubair, and three men were convicted for running large-scale Telegram channels distributing explicit material for profit. Infrastructure: MPL has opened a tender for facilities for the Thilafushi Port Development Project, as the commercial port move out of Malé advances. Diplomacy: Foreign Minister Iruthisham Adam urged OIC members to take decisive action on Palestine during an emergency Jeddah meeting.

OIC Diplomacy: Türkiye’s deputy foreign minister Musa Kulaklıkaya chaired an OIC extraordinary session in Jeddah, urging an immediate halt to attacks in Gaza, full ceasefire implementation and safe delivery of humanitarian aid, while stressing accountability for alleged Israeli violations. Maldives-Region Links: On the sidelines, Maldivian Foreign Minister Abdulla Khaleel met Kulaklıkaya for bilateral and regional talks, including cooperation with other OIC partners. Local Banking Access: Maldives Islamic Bank (MIB) expanded Baa Atoll’s cash access with 24-hour ATMs in Kendhoo, Goidhoo and Thulhaadhoo, and opened a full branch in Eydhafushi. Public Safety: A gas leak in a Male’ home killed a 51-year-old woman; her 19-year-old daughter is improving in hospital as police investigate the source. Politics: MDP vice president Hisaan Hussain resigned, citing the need for a fresh mandate after the party president’s departure. Youth & Jobs: Bank of Maldives launched youth entrepreneurship financing, with 3,000 young people receiving USD 19.5m in the first phase. Sports: The Maldives was drawn into Group B for the AFC U17 Asian Cup qualifiers in Uzbekistan 2027.

Gas Leak Tragedy in Malé: A 51-year-old woman, Zahida Thaufeeq, died after a gas leak in Dilkushaa Goalhi, Maafannu, while her 19-year-old daughter is improving in hospital; police say the incident is under investigation. Banking Access in Baa Atoll: Maldives Islamic Bank rolled out 24-hour ATMs in Kendhoo, Goidhoo and Thulhaadhoo and also opened a full branch in Eydhafushi to expand round-the-clock deposit and withdrawal services. Trade Checks Tightened: All banks signed an agreement with Maldives Customs to verify telegraphic transfers for imports and exports, with the MMA and its Financial Intelligence Unit coordinating the information exchange. Forex Rules Under Scrutiny: The High Court dismissed MIRA from a procedural appeal involving Male’ High Pvt Ltd, while separate reporting highlights banks and customs tightening TT checks. Politics in the MDP: Hisaan Hussain resigned as MDP vice president, citing the party charter and the need for a fresh mandate after Abdulla Shahid’s departure. Youth Entrepreneurship Boost: Bank of Maldives and SME Digital say over 3,000 young entrepreneurs received more than USD 19.5m in financing under the first phase of a youth business programme. Infrastructure Update: President Muizzu says the Thilamale Bridge project is expected to be completed and opened to the public within a year. Fuel Price Relief for Fishermen: Hawks began selling diesel to fishing vessels at MVR 17 per litre, available only with valid fisheries registration documents.

Infrastructure Update: President Dr. Mohamed Muizzu says the full Thilamale’ Bridge project—from Malé to Thilafushi and Gulhifalhu—is expected to open to the public within a year, with international firm AECOM overseeing quality, similar to the Sinamalé Bridge. Public Engagement: Registration is now open for residents of eight more constituencies to join the “Rayyithunge Adu” meetings with President Muizzu. Economy & FX: Muizzu defended the government’s foreign exchange reforms on PSM’s “Nation Chat,” saying the measures are research-led and aimed at tackling black-market dollar practices; the Maldives Monetary Authority is also pushing banks to increase local currency circulation. Tourism Industry: Parliament’s foreign exchange bill has triggered fresh backlash from tourism workers and operators, including concerns that the 40% dollar deposit rule could squeeze resort staff pay and service charges. Tourism Promotion: Visit Maldives Corporation has appointed Abdulla Yaasir as its new Managing Director/CEO after Ibrahim Shiuree’s resignation. Safety: A woman died after a gas leak in a Malé home, while another victim remains in hospital. Weather: Met Office forecasts light showers in parts of the central and northern atolls, with calm seas.

Foreign Exchange Crackdown: President Muizzu defended the government’s dollar reforms as research-led and consultative, while Parliament passed the Foreign Exchange Bill requiring resorts to convert 40% of monthly USD earnings via banks and banning publication of black-market rates above the MMA rate. Tourism Fallout: TEAM and MATATO warned the 40% rule and GST changes could squeeze tourism workers and disrupt the booking chain, with MATATO saying offshore GST on platforms was pushed without proper consultation. Tourism Leadership Shake-up: Visit Maldives Corporation named Abdulla Yaasir as its new MD/CEO after Ibrahim Shiuree resigned, and Tourism Advisor Mohamed Khaleel also quit following the foreign exchange bill. Diplomacy: Parliament unanimously approved Jameela Ali Khalid as Maldives ambassador to the UK. Climate & Nature: At UNCCD COP17, India’s Bhupender Yadav met Maldives climate minister Ali Shareef, discussing coastal ecosystem preservation and land restoration. Industry & Community: Travel Trade Maldives (TTM) opened in Malé with 130+ resorts and 250+ agents for two days of deal-making. Governance: ACC called the Proceeds of Crime Bill a historic step to confiscate criminal property. Justice: High Court appeal hearings in the Bobby (Abdul Muheeth) murder case concluded, with verdict date still unknown.

Tourism & FX Policy: Parliament rejected an emergency motion by MDP MP Mauroof Zakir over the government’s plan to require resorts to exchange 40% of USD earnings through the Maldives Monetary Authority (MMA), with the motion ruled inadmissible because related matters are already before Parliament. Public Safety at Hospitals: Kulhudhuffushi Regional Hospital (KRH) launched Special Constabulary services with electronic door locks, tighter visitor rules, and controlled access to emergency and inpatient areas. Anti-Scam Push: Police Anti-Scam Centre reported MVR 457,776.96 lost to scams last week, with online messaging and marketplaces among the main channels, urging people to avoid advance payments. Human Rights Appointments: Shammoon Hameed topped the parliamentary committee’s scoring for a Human Rights Commission of the Maldives (HRCM) appointment. Diplomacy: Maldives welcomed the US decision to remove Syria from the terrorism sponsor list, hoping it will support recovery and reconstruction. Health for Divers: MNDF received a portable hyperbaric transport unit donated by Hyperbarics Europe to improve emergency response for diving injuries. Regional Connectivity: Air India and Drukair announced an interline partnership for single-ticket travel across their networks, including routes involving Maldives. Agriculture & Environment: A Chinese-supported Palm Pest Biological Control Parasitoid Rearing Center opened in Hanimaadhoo to help protect the Maldives’ coconut palms from spreading pests. Business & Finance: MHA Private Limited closed an MVR 30 million sukuk to fund “MHA Promenade” in Hulhumalé.

Dollar Rules Debate: Kendhoo MP Mauroof Zakir says the government’s push to require resorts to sell or deposit 40% of US dollar earnings to the MMA is being rushed without proper consultation, warning it won’t fix the dollar shortage and could hurt tourism investment. Forex Policy Fallout: Former President Mohamed Nasheed echoed the warning, saying the 40% mandate could damage investor confidence because many resorts have USD debts and foreign-owned financing. Expat Pay Rules: The government has reinstated and strengthened rules requiring expatriate workers’ salaries to be deposited into bank accounts in their own names, with the change taking effect after publication in the Gazette. Housing Finance: Under the ‘Hiyaavehi’ low-interest scheme, 244 people have received housing loans, with 629 more expected to be funded next month. Court Update: A criminal court blocked the return of seized Adhadhu News devices while the investigation continues, and maintains a gag order as a legal challenge proceeds. Sports: FIBA Asia Cup 2029 pre-qualifiers rosters are set, with Maldives in Group B alongside Sri Lanka and Kazakhstan. Health & Safety: MNDF received a portable hyperbaric transport unit for diving emergencies.

Foreign Workers Banking Rule: The Maldives has made it compulsory for expatriate employees to have their salaries deposited into bank accounts opened in their own names at MMA-registered banks, starting one month after the rule’s publication. Housing Finance Update: Under the ‘Hiyaavehi’ low-interest scheme, 244 people have received housing loans, with 629 more approved applicants expected to get funding within a month. Dollar Pressure Debate: Former Economic Minister Fayyaz Ismail says the MVR 23+ USD rate is driven by excessive government spending, while former President Mohamed Nasheed warns that forcing resorts to exchange 40% of USD earnings could hurt investor confidence. Tourism Leadership Change: Visit Maldives Managing Director Ibrahim Shiuree has resigned, with no reason given. Rasmalé Progress: The Rasmalé land reclamation project has reclaimed 716 hectares so far, now the largest island by land area. Voters’ Day Message: Elections Commission President Mohamed Shakeel urged citizens to treat voting as a trust and responsibility on National Voters’ Day.

Rufiyaa Push: Maldives Monetary Authority Governor Ahmed Munawwar says the country aims to shift all domestic transactions from dollars to Maldivian rufiyaa by end-2030, noting foreign currency still makes up over 40% of money supply and calling for resorts and even TMA to pay salaries in rufiyaa, alongside converting tourism land rent. Resort FX Rules Under Fire: The Maldives Association of Tourism Industry warns a proposed jump requiring resorts to exchange 40% of dollar earnings through local banks is “not viable,” arguing resorts already face heavy dollar costs and that blanket rules based on alleged misconduct could be unfair. Dollar Black Market Crackdown: Home Minister Ali Ihusan says illegal dollar trading has moved about USD 77m in nine months, involving seven investigated dealers and warning resorts and others against treating it as normal business. Housing Milestone: Rasmalé reclamation has reached 716 hectares reclaimed out of 1,150, making it the largest island by land area, as the project targets housing for about 65,000 people. Legal Update: High Court dismisses Medhufushi Investment’s appeal over GST and fines totaling MVR 50,950 and over USD 2.8m. Tourism Leadership: Visit Maldives MD Ibrahim Shiuree resigns, with no clear replacement announced yet. Sports & Community: Dhiraagu Maldives Road Race registrations open for Nov 20 at Hulhumalé, with new team categories and a MVR 296,000 prize pool.

Tourism & FX Rules: The Maldives Monetary Authority is set to tighten the dollar crunch for resorts, proposing to raise the share of foreign-currency earnings they must deposit via local banks from 20% to 40%, and to speed the conversion cycle from once every three months to monthly. Black-Market Crackdown: Homeland Security Minister Ali Ihusaan warned that selling dollars at inflated rates without permission is a criminal offence, saying seven illegal money exchangers were investigated and about USD 76m was laundered in the black market over nine months. Currency Policy Moves: The MMA also withdrew MVR 3bn from the banking system via open market operations and plans tighter liquidity measures, including raising the minimum reserve requirement for banks from 10.5% to 11%. Visit Maldives Shake-up: Visit Maldives Managing Director Ibrahim Shiuree has resigned, with the Privatization and Corporatization Board yet to confirm details. Information Commission Appointment: Parliament’s Independent Institutions Committee approved Abdul Azeez Jamal Abubakr (Azee) as the next Information Commissioner, despite concerns raised over the process and eligibility. Health Care: Tree Top Hospital opened a dedicated Pain Management Clinic to reduce outbound medical travel, offering interventional care for chronic pain. Sports & Community: Dhiraagu Malé Open 2026 wrapped up with 420-plus swimmers, including para and Special Olympics participants.