TMA Shifts Part of Staff Salaries to Rufiyaa Amid FX Rules

Trans Maldivian Airways (TMA), the world’s largest seaplane operator, has announced that 20 percent of all employee salaries will now be paid in Maldivian Rufiyaa (MVR). This decision follows changes to foreign exchange regulations affecting tourism service providers.

According to a notice sent to employees, starting from July or August, 20 percent of staff salaries will be issued in MVR, while the remaining 80 percent will continue to be paid in USD. The move has sparked concern among employees, particularly pilots, who have already voiced their dissatisfaction to management and are planning to meet with government officials.
TMA employs over 150 pilots, with junior captains earning around USD 6,000 per month and senior captains receiving up to USD 12,000.

Under the new Foreign Exchange Act, tourism operators are required to deposit a portion of their earnings in USD based on their category. TMA falls under Category C, which mandates a 20 percent USD deposit if annual revenue exceeds USD 15 million.