Dollar revenue increases by 8.7% to over USD 976 million

The state collected over MVR 976 million within the first seven months of this year, marking an 8.73 percent increase compared to the same period last year, according to the latest statistics shared by Maldives Inland Revenue Authority (MIRA).

The monthly revenue report for July shows the state collected total MVR 18.4 billion in tax revenue between January and July. This includes MVR 6.77 billion and USD 756 million.

The biggest contribution to tax revenue came from Tourism Goods and Services Tax (TGST), from which the state collected USD 486 million.

Meanwhile, the non-tax revenue collected between January and July totals MVR 4.32 billion, including USD 220 million in dollar revenue.

The biggest contribution to non-tax revenue came from the Airport Development Fee, from which the state collected USD 78.9 million.

The total dollar revenue has now topped USD 976 million, marking an 8.73 percent increase compared to the USD 898 million collected during the same period last year.

The total revenue collected by the state between January and July amounts to MVR 22.7 billion, up from the MVR 20.4 billion collected during the same period last year.

The increase in USD revenue comes after the dollar exchange rate in the black market rose to a record high of MVR 22 last week, marking a significant jump from the official bank rate of MVR 15.42.

The rising value of the dollar poses huge challenges for importers, driving up prices of goods in the Maldivian market.

Hower, the government has said that the surge is mainly driven by speculation.