Trans Maldivian Airways Reportedly Considering Salary Shift from USD to MVR

Following Manta Air’s recent move to alter its salary payment structure, switching from 100% US dollar (USD) payments to a 50/50 split between Maldivian Rufiyaa (MVR) and USD; industry speculation is mounting that Trans Maldivian Airways (TMA) may be preparing to follow suit.

Though no formal announcement has been made, internal conversations and employee chatter have fueled growing rumors that a similar change is under consideration at the country’s most dominant airline.

TMA’s Strategic Weight

Trans Maldivian Airways isn’t just a major player in the aviation sector; it is a logistical backbone of the Maldives tourism economy. With the world’s largest seaplane fleet, operating over 60 aircraft, TMA serves as the primary air transfer provider for dozens of resorts scattered across the country.

The airline facilitates hundreds of flights daily and transports thousands of passengers, most of whom are tourists arriving via Velana International Airport (VIA) and heading directly to resorts.

The scale of its operation, in both fleet size and passenger volume, makes TMA one of the most operationally complex and revenue generating private companies in the country.

Its central role in resort logistics means the company has direct exposure to foreign currency income, primarily in USD unlike many domestic focused businesses. However, even companies of TMA’s size are not immune to the Maldives’ ongoing challenges with foreign exchange availability.

Blackstone’s Renewed Interest

The are reports suggesting that US based private equity firm Blackstone Group, which once owned TMA before selling it to Bain Capital, has expressed interest in reacquiring the company.

While details of this potential deal remain scarce, it highlights TMA’s ongoing value as a strong and strategically important player in the region’s tourism sector.

Operational Cuts During COVID-19

In 2020, during the global COVID-19 crisis, the airline imposed temporary salary reductions and offered staff short-term contracts as a cost-cutting measure.

Though those measures were rolled back as the tourism market rebounded, employees remain cautious about potential sudden changes tied to financial uncertainty.

At present, Trans Maldivian Airways has neither confirmed nor denied the rumored changes through any internal memo or public statement. With Manta Air already implementing the shift, attention now turns to TMA.