Maldives Economy

The Maldives

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Maldives Economy

The Maldives economy is growing at an average of over 10 percent since the past two decades. Tourism is the main industry, contributing almost 20 percent to the GDP. Fisheries and trade follow close behind. The Maldivian economy is regarded as exemplary in the region, and welcomes foreign investment.

The Maldivian currency is Rufiyas and Laaris (1M Rf = 100 Laaris). The exchange rate for US Dollars is Rufiya 12.75 for one US Dollar (2009). The Rufiyaa comes in notes of 2, 5, 10, 20, 50, 100 and 500. The American Dollar is the most common foreign currency. Payments in the resorts can be made in most hard currencies in cash, traveller's cheques or credit cards. The most commonly used credit cards are American Express, Visa, Master Card, Diners Club, JCB and Euro Card.

Telecommunication has developed very fast in this decade. Upto-date technology and international satellite links allow Maldives to have a sophisticated communications system. IDD facilities are available on all resorts, and card phone facilities are available on all islands. Dhiraagu, the Maldives telecommunications company, an affiliate of the British Cable and Wireless Company, provides mobile telephones for rental on a daily basis. Dhiraagu is also the Internet service provider.

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