Maldivian small and medium-sized enterprises will be able to receive payments in US dollars through the Bank of Maldives Gateway from 1 November, President Dr Mohamed Muizzu has announced.
Speaking at the Maldives Expo 2026 awards ceremony, the President said the measure is designed to ease difficulties local businesses face when collecting money from international customers. The framework was developed jointly by the Ministry of Economic Development, Transport and Trade, the Business Centre Corporation and the Bank of Maldives.
From the start date, registered businesses will be able to accept dollar payments from customers worldwide. They will also be able to use the dollars received to buy goods and services abroad via cards or remittances and to pay for business subscriptions without first converting into rufiyaa.
The President said the change should reduce financial barriers for SMEs seeking to expand into export markets and help them increase earnings. He noted that MVR 795 million in loans have been disbursed to more than 1,000 entrepreneurs, and the Youth Entrepreneurship Programme has supported over 3,000 young people in its first phase.
The initiative forms part of wider efforts to improve access to foreign currency for productive businesses.
