Author: Mohamed Reehaan
According to the Maldives government, the recent decision to increase the credit and debit card withdrawal or usage limit for Maldivian students abroad, is the first phase of the overall initiative. As such, the government has announced ongoing efforts to extend the same ease for other customers in the future as well. On Sunday, December 24, the government increased the card limit for students in foreign countries, effective February 1, 2024. With this change, students would be able to withdraw a maximum of USD 1,200 per month from the Bank of Maldives (BML) credit and debit cards. Previously, students studying…
Villa Hakatha wins the “Cement Supplier of the Year” at the Maldives National Association of Construction Industry (MNACI) Builder Awards 2023. MNACI held its debut awarding ceremony on December 24, Sunday evening, at JEN Maldives Male’ by Shangri-La. Villa Hakatha was bestowed with the accolade in recognition of its contribution as a prime supplier of construction materials to the Maldivian construction sector. The company is regarded among the leading retail and wholesale distributors in the field as well, and offers other variety of products including gas, fuel, and Shell brand lubricants as well. The company takes great pride in its…
The Maldives National Association of Construction Industry (MNACI) has awarded President Dr. Mohamed Muizzu with their most prestigious title in recognition of his contribution to the construction industry. President Muizzu was presented with the ‘Bodu Rasgefaanu’ title at the MNACI Builder Awards 2023 held at JEN Maldives Male’ by Shangri-La on Sunday evening, December 24. MNACI emphasized President Muizzu’s role in making sustainable advances in the construction and building sectors throughout his previous tenures as both the former Minister of Housing and Male’ City Mayor. The association acknowledged President Muizzu’s instrumental role in overseeing the construction of some of the…
A total of 10 hectares of land from Fushidhiggaru Falhu has been reclaimed within a week’s time. RasMale’ eco-city project is the most ambitious urbanization initiative of President Dr. Mohamed Muizzu. The island is developed by reclaiming Fushidhiggaru Falhu located south of Male’ City. The project commenced on Monday, last week. While the reclamation works of the first phase are underway, the contractor has successfully reclaimed 10 hectares of land since commencement. Sri Lanka’s Capital Marine and Civil Construction Company (CMCC) was contracted for the reclamation efforts, and is expected to complete its task in eight months. Under the RasMale’…
Maldives government has announced an increment in the card limit starting from February 2024 onward, which would facilitate Maldivian students studying abroad to withdraw USD 1,200 per month from Bank of Maldives (BML) credit and debit cards. The Principal Secretary to the President on Public Policy, Abdulla Nazim Ibrahim, while speaking at a recent press conference, expressed concerns of students abroad facing plights owing to restrained withdrawal limits. As of now, students are able to withdraw only up to USD 750 per month. The cabinet held a meeting to discuss the issue, and agreed on increasing the limit to USD…
Furanafushi Island, where Sheraton Maldives Full Moon Resort & Spa is located, celebrates its 50th anniversary. The property, celebrating its golden jubilee, is poised to pay tribute to the dramatic transformation of the Maldivian tourism landscape. The resort would take a look back at where “it all began” using key learnings to lay the groundwork for the next 50 years of Furanafushi. Furanafushi first served as a picnic destination for residents near the region, and later became known as ‘Australia Island’ and was widely marketed as “Found! A Lost Paradise”. In December 1973, the island welcomed the 56-key Sheraton Maldives,…
Bank of Maldives (BML) will be closed from December 31, 2023 to January 2, 2024. According to the national bank, the last day to get services from BML’s branches and services centers in 2023 is December 28. However, ATM and digital banking suite’s services (mobile and internet banking) would be available during the period, BML said. Customers would also be able to access the bank’s services through BML’s Contact Center.
The revenues collected to the Maldives government increased 10.5% in November 2023, reports the Maldives Inland Revenue Authority (MIRA). As per MIRA, the total revenue total in November stood at MVR 1.67 billion, out of which 69.32 million were collected in US Dollars. The increment in revenue of November 2023, is mainly due to the increment in the collection of TGST and GGST. Additionally, the collection of expatriate quota fee in this year, along with the dues collection of Tourism Land Rent led to the comparative increment of revenues in the review month compared to November 2022. The revenue collection…
The Maldives government has overdrawn MVR 8.2 billion in the last three years, according to Maldives Monetary Authority (MMA) data. According to the data, the number of “net claims” (another term for overdraw) in 2020 stood at MVR 6.1 billion, but by October 2023, the figured increased to MVR 14.3 billion. From 2020, the Maldives government set out a money-printing limit up to MVR 4.4 billion from the Public Bank Accounts (PBA). Withdrawals up to the limit by the end of this year has already been approved by the Maldives Parliament as well. Earlier in 2023, the Maldives government printed…
Bank of Maldives (BML) announced on Tuesday, December 19, a new promotion targeting its Mastercard holders. The national bank said customers with Mastercard can spend a minimum of MVR 500 each week to be eligible for a lucky draw during the promotional period. One lucky winner, each week, would be selected to win the latest iPhone 15 Pro. The promotion will run from December 19, 2023 to January 18, 2024; and is applicable for both Mastercard debit and credit card holders.