Maldives Economy

Tourism has been the main factor for the growth of Maldives economy which is growing at a rate of over 10% for the past 20 years. This is contributing to the GDP at a good rate. The field of trading and fisheries also contribute well to it. Foreigners are always welcomed in the Maldives to invest, and they do so too, giving a boost to the economy.

The two currencies used in the Maldives are Laaris and Rufiyas. One US Dollar is equivalent to approximately 12 Rufiyas. The Rufiyas are not available in coins, but notes of 500, 100, 50, 20, 10, 5 and 2 being the least. People can pay for their stay at resorts and villas with hard cash or through major credit cards. Foreign currency which is common to be found in Maldives is the American Dollar.

The literacy rate among the people is pretty good, that is 98%, and the medium of teaching is English in almost all the schools, though certain schools use Arabic and their Maldivian language to propagate education. The system of teaching is followed as like the British system.

The Government is trying its best to improve the health facilities in the country. The biggest hospital is located at the capital island of Maldives, which is Male’. Doctors from all parts of the world practice and treat here to provide excellent healthcare facilities. Even the resorts and villas have doctors appointed for cases of emergencies to treat the guests. There are many private hospitals and practitioners spread all over the country.

The communication system in Maldives was not that sophisticated, but in the last ten years it has shown a great deal of improvement. The advancement in technology has reached these islands which are now able to communicate with the outside world without any hassle. Dhiraagu, which is a British company related to wireless and cable connections has played an important role in it by providing mobiles for rent and also internet connection.

Since Maldives is located on the equatorial region of the world, it receives daylight from 6am to 6pm almost throughout the year. Here the weekend is on Friday and Saturday, and people have to work from Sunday to Thursday. The sector which comes under the Government; people have to work from 7:30 in the morning to 2:30 in the afternoon, while the ones living in the private sector work from 9am to 5pm.