MMA governor urges resort audits over the dollar shortage; MIRA rejects claim of selective enforcement

This page sums up what eight published sources reported. It is a record of what outlets said, not original reporting.

Governor Ahmed Munawar appeared before Parliament's Budget Committee on 10 November. He was answering a question from Hulhumalé South MP Dr Ahmed Shamheed on the difficulty of obtaining dollars.¹

Tourism earns about USD 5.9 billion a year, and only USD 3.8 billion, or 65%, enters the banking system, he said.^{1, 3} He said that if every dollar the country earns entered local banks, it would be enough to meet public demand.¹

The MMA is monitoring this closely and will tighten its efforts next year, he said, but the shortage cannot be solved overnight.^{1, 2} MV+ reports that resorts and commercial businesses must now use monitored, dedicated operating accounts.⁵ Atoll Times reports that resorts have been told to open dedicated accounts.³

Only about 50 of the 185 resorts pay income tax, according to figures MIRA shared with the MMA, the governor said.^{1, 2} He asked whether the others were making no profit or whether "there are some issues".¹

He said MIRA "shouldn't only be going to corner shops" and should check that tourism accounts are in order.¹

MIRA issued a statement that night rejecting any suggestion of selective enforcement, MV+ reports. It said its duty under the Tax Administration Act is to verify liabilities across every sector without bias, and that businesses are chosen for scrutiny by a risk-based system.⁶

It said resorts remain under regular audit and that tourism contributes the largest share of public revenue. On small shops, it said the tax code gives them simplified bookkeeping, audit exemptions and simple filing, and that penalties are enforced against anyone found deliberately avoiding tax.⁶

As MV+ reports it, MIRA's statement does not address the figure of 50 resorts.⁶

Atoll Times reports that the governor said the MMA would not support letting the rufiyaa float until official reserves reach USD 1 billion. He said discussions were under way on a roadmap to reach that level, and that the peg protects consumers from price rises.³

He said the central bank has raised the dollars it supplies to banks several times, and expects that to rise as the higher resort conversion requirement produces dollars.³ He also said the MMA had withdrawn an average of MVR 3.1 billion this year through mop-up operations, with about MVR 2.3 billion of excess liquidity remaining, and had raised the reserve requirement for rufiyaa deposits to 11%.³

The MMA is preparing changes to the USD 1,000 allowance for Maldivians travelling abroad for medical treatment outside Aasandha, Atoll Times reports. The governor said they are expected in January 2027 and that misuse is a concern.⁷

He was responding to Feydhoo North MP Ismail Nizar of the ruling PNC, who suggested replacing cash with a card system. The governor acknowledged some people were taking advantage of the scheme and said access had already been limited to six countries. He did not give details of the planned changes or say whether a card would be introduced.⁷

Atoll Times reports that USD 41.1 million was sold for medical purposes in the first nine months of 2026, of which USD 29.2 million went to people travelling at their own expense.⁷

MV+ reports that the governor warned of fiscal risks despite lower planned spending next year, urged disciplined borrowing because domestic lenders have already absorbed most government financing, and advised seeking external financing to ease local liquidity pressure. It reports that he expects growth to recover next year as flight connections and marketing expand.⁵

Sun Online reports that an MMA official, Mariyam Rashfa, told the committee that a targeted subsidy system is crucial to cutting electricity subsidy spending. Sun Online adds that the President decided last year not to proceed with a similar reform.⁸

Four of the reports date the committee appearance to Tuesday 10 November.^{1, 2, 4, 7} Atoll Times' report on the dollar figures says Wednesday.³

The sources agree on the USD 5.9 billion and USD 3.8 billion figures and on the 50 resorts.^{1, 3, 5}

• Whether MIRA accepts the figure of 50 out of 185 resorts. MIRA's reply, as reported, does not address it.⁶
• Whether MIRA will change its audit plans.
• What the planned medical dollar changes will contain.⁷
• What the roadmap to USD 1 billion in official reserves involves.³
• How resort owners respond to the governor's remarks. The listed sources include no response.