Starting 1 November, Maldivian producers and small businesses selling goods and services on the international market will be able to receive payments in US dollars through the Bank of Maldives (BML) payment gateway, President Dr. Muizzu has announced.
Speaking at the awards ceremony of “Maldives Expo 2026”, the President said the Ministry of Economic Development, the Business Center Corporation (BCC) and BML are working together to remove the obstacles businesses face in receiving payments from abroad. Under the new arrangement, dollar payments can be received from anywhere in the world.
From 1 November, businesses will also be able to use the dollars they earn to pay for goods and services abroad, as well as business subscriptions, by card or through remittances.
The President noted that these measures will bring significant benefits to small and medium-sized businesses and the general public, helping them increase their income and become financially stronger.
In his speech, the President revealed that MVR 795 million in loans has so far been issued to SME businesses, with assistance provided to more than 1,000 entrepreneurs. He also said that more than MVR 300 million has been disbursed to over 3,000 young people under the first phase of the Youth Entrepreneurship Programme, and that the second phase of the programme will begin in November.
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