Maldives forex revenue falls by $6.4 million in April
MIRA data showed that the state collected USD 120.7 million in April, compared to USD 127.1 million in the corresponding month of 2025.
The Maldives recorded a decline of USD 6.4 million in foreign currency revenue in April compared to the same period last year, according to figures released by the Maldives Inland Revenue Authority.
MIRA data showed that the state collected USD 120.7 million in April, compared to USD 127.1 million in the corresponding month of 2025, reflecting a 5% decrease in dollar-denominated revenue.
Revenue from several tourism-related taxes and fees also declined during the month. Figures released by MIRA showed:
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Tourism Goods and Services Tax (TGST) revenue declined by USD 5.6 million
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Green Tax revenue fell by USD 2.7 million
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Airport Development Fee revenue decreased by USD 1.2 million
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Departure Tax revenue also dropped by USD 1.2 million
The decline in foreign currency earnings comes amid a slowdown in tourist arrivals.
Statistics released by the Ministry of Tourism showed that tourist arrivals as of 13 May fell by 49,134 compared to the same period last year.
The Maldives recorded 856,471 tourist arrivals so far this year, compared to 905,605 arrivals during the corresponding period in 2025.
Average daily arrivals also declined to 6,488, compared to 6,861 last year.
The slowdown has been linked to disruptions caused by tensions involving Iran and the wider Middle East region, including the suspension of flights from parts of the Middle East market. Global economic conditions have also affected travel demand.
The decline in foreign currency inflows affected overall state revenue during April. Total state revenue for the month stood at MVR 2.6 billion, a decrease of MVR 7.7 million compared to the same period last year.
By the end of April, cumulative state revenue for the year reached MVR 14.3 billion.
