AGP Executive Report
Last update: 5 hours agoForeign Exchange Crackdown: Police and Immigration detained six expats over an alleged large-scale forex network, with authorities saying MVR 54.4m and USD 1.63m moved through personal accounts over three years. Tourism FX Rules: President Dr. Mohamed Muizzu ratified amendments to the Foreign Exchange Bill, requiring resorts to convert 40% of USD earnings via local banks—while insisting resort staff salaries can still be paid in USD. Political Pushback: The MDP approved “direct political action” against the 40% resort forex exchange requirement, calling for dialogue and urging Muizzu to resign. Tax Overhaul: Muizzu also ratified the 4th Amendment to the Tax Administration Act, strengthening MIRA powers for audits, investigations, and tax recovery. GST on Tourism Services: GST amendments now require foreign tour operators and travel agents to collect GST for services supplied in the Maldives, including via offshore booking platforms. Energy & Resources Policy: Cabinet moved to set up a legal framework for oil, gas, and mineral exploration and extraction in Maldives maritime zones. Banking Recognition & Appointments: Maldives Islamic Bank won an international award for advancing women in Islamic finance; Bank of Maldives executive Aishath Zamra Zahir was appointed MD of Addu City Hankede Development Corp. Corporate/Travel: Andrew’s Travels promoted Maldives and Sri Lanka at Vietnam’s ITE HCMC 2026, highlighting new direct flights.
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.
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