Dollar revenue falls by 11 percent

Dollar revenue has fallen by 11 percent thus far this year.

Statistics released by national tax agency, Maldives Inland Revenue Authority (MIRA) show US$ 151 million was collected as revenue from January until now. This is an 11 percent decline compared to the previous year. US$ 171 million was collected during the same period last year.

The largest revenue percentage during the first three months of the year is attributed to tourism land rent. While US$ 25 million was received as tourism land rent from January until the end of March, US$ 11 million was received as land rent last year during the same period.

According to statistics, while there is a decline in dollar revenue compared to the first three months of the previous year, the figures for the month of March are higher. US$ 63 million was received as dollar revenue in March 2020 while the amount collected increased to US$ 42 million this year.

The Maldives usually collects around US$ 3 billion as dollar revenue every year. However, most of the foreign currency leaves the country. The government said it is taking steps to address the foreign currency issue faced by the country.