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The MATATO released a report highlighting concerns over the fragile Maldivian economy due to the dollar crisis, excessive government spending, and its negative impacts on tourism. Despite tourism recovery in 2022, arrivals were still lower than pre-pandemic levels. The Maldives banking sector faces issues like the dollar crisis and weak regulation. The Central Bank has failed to intervene in the dollar black market causing instability. Local banks have high fees while limiting credit/debit card use abroad.

Author

MATATO

Language

EN