Economics

Maldives to Dollarize Tax Revenues and Pensions Amid Forex Shortages

The Maldives’ cabinet of ministers has approved a plan to dollarize a portion of the country’s government revenues, including income tax, customs duties, and pension contributions, according to a media report. This new policy will apply to businesses that generate income in foreign currency. The decision comes as the Maldives faces a shortage of foreign

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Economics

Fitch Downgrades Maldives Credit Rating to ‘CC’ Amid Falling Reserves and Rising Debt

Fitch Ratings has downgraded the Maldives’ credit rating from CCC+ to CC, citing a decline in foreign reserves and the upcoming repayment of foreign debt and sukuk bonds starting next year. As of July, the country’s gross foreign reserves had fallen to 395 million USD, down from 492 million USD earlier. Domestic reports highlight growing

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