AGP Executive Report
Last update: 14 minutes agoForeign Currency: Official reserves fell 14.9% in September to USD 547 million, while usable reserves dropped to USD 169.8 million. The central bank said dollar sales exceeded inflows, including a USD 50 million debt repayment. Former president Mohamed Nasheed said businesses are struggling to import goods and make telegraphic-transfer payments amid the dollar shortage. Investment Rules: New requirements set at least 25% Maldivian ownership for some foreign investments in construction, real estate, auditing and IT; some sectors are now reserved for Maldivians. Public Finances: State spending rose 18.3% to nearly MVR 36 billion by October 8, while Tourism Goods and Services Tax revenue fell 1.5% year on year to MVR 8.09 billion. External Support: India has reportedly agreed to roll over the Maldives’ USD 320 million currency-swap facility for three months. Local Business: Bank of Maldives-backed tuna jerky venture The Island Factory has expanded to more than 80 retail outlets across 17 islands.
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