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 11.72 for one US Dollar (1997). 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.

The functional literacy rate is 98 percent. Educational standards are among the highest in the region, and most schools teach via the English Medium and follow the British education system, while in some schools Dhivehi (the Maldivian Language) or Arabic is the medium of instruction.

Health care facilities are improving on a daily basis. The Indhira Gandhi Memorial Hospital in Male' is the biggest hospital in the country providing sophisticated medical care. ADK Hospital is the biggest private health care facility, and follows high medical standards. Experienced European doctors work at the AMDC Clinic. Regional hospitals are distributed throughout the country and Male' , the capital, has several well-established private general practitioners . Some resorts have an in-house doctor. Decompression chambers are within reach of most resorts in case of a diving emergency.

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.

Being on the Equator, the country enjoys more or less constant day lengths (6am - 6 pm) throughout the year. People wake up early in the morning. Business hours are from Sunday to Thursday 7:30 - 14:30 in the government sector, and generally from 9:00 to 5:00 in the private sector. Weekend falls on Friday and Saturday. The local time is GMT +5hours.