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Muslimtrade Network members
about Maldives.

M  A  L  D  I  V  E  S 


1. GENERAL PRESENTATION :  
1.1 General characteristics
1.2 General Information
1.3 Legal Framework of Trade Relations


2. TRADE STRUCTURE (1996):  
2.1 Main imported and exported products
2.2 Main Trading partners


3. FOREIGN TRADE REGULATIONS:  
3.1 Import regulations
3.2 Exports regulations


4. FINANCIAL REGULATIONS OF FOREIGN TRADE OPERATIONS  
4.1 Banking system
4.2 Foreign exchange system


5. CUSTOMS TAXATION


6. FOREIGN TRADE LOGISTIC:  
6.1 International transports
6.2 Telecommunications

  
7. USEFUL ADDRESSES

1. GENERAL PRESENTATION : 

1.1 General characteristics :

Official name Republic of the Maldives
Surface 298 Sq. km
Population 270,000 inhabitants (1996)
Density 906 inhabitants per square km
Capital Malé
Climate The islands are hot and humid, and affected by monsoons. Malé average temperature is 27°C and annual rain fall is 1,524 mm. 

The climate is warm with daily mean temperature ranging from 25,4°C to 30,4° C
Main holidays January 7th, July 26th, November 3thd and 11th, December 10th, Aid Al Fitr*, Aid Al-Adha*, 1st of Moharram* and Mouloud*
Weekly day off Friday and Saturday

* Variable dates

1.2 General Information :

Language Divehi is the official language, English is also spoken
Currency The unit of currency is the Maldavian Rufiyaa (RF) US $ 1= 11,77 rufiyaa (Mid-year 1996)
Local time GMT+5
Working hours
Banking hours : From 8h to 13h30. Sunday through Thursday. 

- Government offices : From 7h30 to 14h30. Sunday through Thursday. 

- Private offices : Open between 8h and 10h and close between 18h and 20h, with a lunch break in between.

1.3 Legal framework of trade relations:

Maldives is member of the following international organizations:

United Nations Organization (U.N); 

Organization of the Islamic Conference (O.I.C); 

The Commonwealth and the Colombo Plan; 

G-77; 

International Monetary Fund (IMF).

Maldives is also member of South Asian Association for Regional Co-operation.

2. TRADE STRUCTURE (1996): 

2.1 Main imported and exported products:

Main imported products

Main exported products

Manufactured goods

Fish

Machinery and equipment

Garments

Food products

Coconut

 

Rope

 

Handicraft

2.2 Main Trading partners:

Main suppliers

Main customers

Singapore

Germany

Qatar

Pakistan

Malaysia

Sri Lanka

India

United Kingdom

United Arab of Emirates

U.S.A


3. FOREIGN TRADE REGULATIONS: 

3.1 Import regulations:

Imports from Israel are prohibited. Import operations may be conducted only after being registered and licensed at the Ministry of Trade and Industries. All goods may be imported under open general license, but most staples are imported by the state Trading Organization.

3.2 Exports regulations:

Export operations may be conducted only after being registered and licensed by the Ministry of Trade and Industries. The private sector may Export most items, except fresh and frozen tuna.

4. FINANCIAL REGULATIONS OF FOREIGN TRADE OPERATIONS 

4.1 Banking system:

Maldives Monetary Authority (MMA) is the central bank in Maldives. The Bank supervises and regulates commercial banks and foreign exchange dealings and advises the Government on Banking and Monetary matters.

The banking system is formed by:

Foreign Banks are bank of Ceylon. Habib bank Ltd. and State Bank of India; 

Commercial bank: Bank of Maldives LTD (BML); 

Insurance: Allied Insurance Co of the Maldives (Pte) Ltd.

4.2 Foreign exchange system:

There is no exchange control legislation. No distinction is made between accounts held by residents and those held by non residents and there are neither restrictions on keeping foreign currency balances, nor on payments for invisible.

5. CUSTOMS TAXATION: 

Duty rates in Maldives range as follows:

From 5 percent to 20 percent on daily necessities and essentials ; 

From 10 percent to 25 percent on items essential for development of domestic industries ; 

From 25 percent to 35 percent on items that will enhance the economic welfare of the country ; 

From 35 percent to 200 percent on luxury items ; 

Some personal items, medicines, staples, and textbooks are exempt from import duties.

Duties are payable in local currency.

6. FOREIGN TRADE LOGISTIC: 

6.1 International transports:

Maritime transports: Malé is the main port handling international traffic. Vessels operate from Maldives to many countries in the region and in the Middle East. The construction of an alongside berth and the provision of complementary port facilities was expected to be completed in 1996. Local boats, or dhoanis (average speed 7 knots), are the most common means of water transport. One can make use of the regular ferry services operating between Malé and International Airport, two kilometers of the east on the Hulule Island. Modern speed boats are also available for hire.

Air transports: International flights are operated by South Africa, Malaysia, India, Pakistan, Sri Lanka, Singapore, The U.A.E. and some European Countries to and from Malé International Airport. There are four domestic Airports covering different regions of the country operated by Air Maldives.

Road transports: Land transport is mainly confined to Male. Bicycles and motorcycles dominate inland transportation

6.2 Telecommunications:

There were 10000 telephones in 1993. Voice of Maldives and Television Maldives are controlled by the government.

7. USEFUL ADDRESSES : 

Organization and Public Establishments

Address

Tel

Fax

Telex

Ministry of Trade and Industries Ghaazee building, Ameer Ahmed Magu, Malé 20-05 (960) 323668 (960) 323756 77076
Ministry of Finance and treasury Ghaazee building, 2 nd floor, Ameer Ahmed Magu , Malé 20-05 (960) 322625 (960) 326558 77076
State Trading Organization STO building, 7 Haveeree higum , Malé 20-02 (960) 325485 (960) 325218 66006
Maldives Monetary Authority Umar Shopping Arcade 1st & 3rd floor, Chandhanee Magu Maafannu Malé 20-02 (960) 323783 (960) 323862 66144
Maldives Traders’ Association  G. Viyafaari Hiyaa Amenee Magu Malé 20-04 (960) 326634 (960) 321889  
Maldives National Chambers of Commerce and Industry G. Viyafaari Hiyaa , Ameenee Magu. P.O.B 92, Malé 20-04 (960) 310234 (960) 310233  



 
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