Maldives is an island nation, archipelago in the Indian Ocean with a population of approx 400,000. The country is located southwest of India and Sri Lanka in the Laccadive Sea. Maldives is formed as one of the most complex and vibrant atoll structures found anywhere on the planet. The 26 natural atolls are categorized into 20 atolls for administrative purposes.
The national currency of the Maldives is Maldivian Rufiyaa (MVR). One Rufiyaa is subdivided into hundred Laari. Currently 1 US Dollar is equivalent to MVR 15.42. US Dollar is the most traded foreign currency like as many other countries. Modern banknotes of Maldivian Rufiyaa were first issued in the Maldives on 5thSeptember 1948. The Maldives Monetary Authority (MMA) acts as the Central Bank of the country while Bank of Maldives is a state main commercial bank. Some other reputed local and International Banks also operate in the country; Hong Kong Shanghai Banking Co-operation (HSBC), Mauritius Commercial Bank, State Bank of India etc.
Maldives is renowned for the natural beauty of its 1192 low-lying tropical islands (less than 3.3 feet above sea level) with white sandy beaches, swaying palm trees, rich coral reefs, and crystal-clear lagoons located in the Indian Ocean. Even though the total land mass is only 298 square km, the country possesses 89,000 square km, of water, which surround the islands. The islands are grouped into a double chain of 26 atolls.
The first tourist resort in the Maldives opened in 1972 and since then, the tourism industry has expanded rapidly to make the country one of the world’s most popular island destinations, securing numerous international awards. The industry is born and bred by the private sector; giving private sector the autonomy to lead and drive the industry while the government acts as the regulator and facilitator. Ministry of Tourism is the main regulator and Maldives Marketing and Public Relation Corporation (MMPRC) plays the key role of promoting Maldives as tourism destination.
