Government’s USD revenue sees increase in June

Maldives Inland Revenue Authority (MIRA) has reported an increase in the state's US dollar revenue during the past month.

The latest figures represent a notable improvement compared with the corresponding period last year.

According to MIRA statistics, the authority collected USD 119 million last month, an increase of USD 922,114 compared with the USD 117 million collected during the same period in the previous year.

So far this year, MIRA has collected a total of USD 868 million, representing an increase of USD 77 million compared with the corresponding period last year.

In terms of overall revenue, the state collected MVR 2.92 billion last month. The figure exceeded initial projections by 14.7 percent and represented a 10.1 percent increase compared with the same period last year.

The increase in dollar-denominated revenue comes amid a rise in the value of the US dollar, driven by mounting foreign debt obligations and a slight slowdown in the tourism sector.

The US dollar is currently trading at around MVR 21 on the parallel market. The depreciation of the Maldivian rufiyaa and the rising cost of acquiring US dollars continue to pose significant economic challenges.

The foreign currency shortage remains one of the country's most pressing economic issues. Despite constrained dollar availability, the Maldives is scheduled to repay approximately USD 1.1 billion in external debt obligations this year.

With the country currently in the traditional tourism low season, the value of the US dollar has continued to rise gradually since the beginning of the month.

Against this backdrop, international financial institutions have continued to call on the government to implement measures aimed at reducing public expenditure.