Author: Mohamed Reehaan

Under the vision of empowering the youth of Maldives to reach new heights, Maldives Airports Company Limited (MACL) launched a new apprenticeship program. The apprenticeship program was launched by MACL in partnership with the Ministry of Youth, Sports and Community Empowerment. MACL signed with the ministry at a special ceremony held on Wednesday, 01st February. The signing was held at Hulhule Island Hotel (HIH). MACL Deputy Managing Director Ibrahim Thoha signed on behalf of the airports company and the ministry’s State Minister Hussain Ismail signed on behalf of the state. The program will train 75 people in the skills they…

State Electric Company (STELCO) announced it will be reducing electricity rates from establishments that run NGOs or other social service agencies. The utility provider will be introducing a new ‘Social Category’ under electricity tariff to provide electricity at lower rates. STELCO Managing Director Ahmed Shareef said the company currently provided lower electricity rates for such establishments under the business tariff. Business tariff rates are comparatively higher than resident tariff. According to Shareef, mosques or football pitches are social environments that do not generate income, and thus, requires leniency. He also argued that treating these places in the same category as…

Bank of Maldives (BML) announced lifting the USD ATM withdrawal limit on Wednesday, 01st February 2023. The bank had imposed dollar withdrawal restrictions earlier in 2020 following the Covid-19 pandemic. Effective from 01st February, the monthly limit of USD 2,000 will be lifted. Customers will now be able to withdraw USD 1,600 daily from BML’s USD ATMs. BML has dollar ATMs at H. Marine Dream, Velana International Airport (VIA), and Renaatus Ithaa Muiy apartment complex at Hulhumale’. Customers with USD primary accounts can make daily international transactions of up to USD 3,000 from their debit cards. Dollar accounts can also…

The cumulative total of state expenditure reached MVR2.1 billion as of 26th January 2023, reports the Ministry of Finance. According to the ministry’s most recent update, the cumulative total of state revenues inclusive of foreign grants reached MVR2.06 billion by the review date. The state has spent 71% of its budget on recurrent needs. The remaining 29% was spent on capital expenditure. Meanwhile, the state earned 88% of its revenues from tax sources. The remaining 12% came from non-tax sources. The overall balance for the period is a deficit of just MVR44.3 million. The recurrent expenditure by the review date…

Imports to the Maldives increased by 27% in December 2022, reports the Maldives Customs Service. Maldives imported MVR5.6 billion worth of commodities in the review month. In addition to this, imports excluding fuel rose by 24%; which is MVR4.6 billion worth of goods. Exports from the country also saw a notable 35% increase in the review month. The country exported MVR299 million worth of commodities in December. Major Import Categories Fuel (marine gas oil; diesel, petrol, aviation gas): MVR1.1 billion Food items (excluding pork, alcohol, tobacco): MVR1 billion Vessels, aircraft and parts thereof: MVR848 million Machinery and mechanical appliance; electrical:…

The Bank of Maldives (BML) reports a net profit of MVR211 million in the final quarter of 2022. Its annual net profit reached MVR1.49 billion. The bank reported a net profit of MVR367.5 million in Q3-2022. BML’s gross income for the review quarter stood at MVR995 million whereas it stood at MVR1.0 billion in Q3-2022; indicating a slight decline. The bank reported an annual gross income of MVR3.89 billion; which is the unaudited total. The operating income for Q4-2022 stood at MVR747 million and reached MVR3.07 billion annually. The operating profit of the bank reached MVR488.7 million in the review…

Maldives Fund Management Corporation (MFMC) has launched the Hankede Integrated Tourism Project; an extensive tourism development project in Addu City. Under the project 1,041 rooms with various accommodation options will be developed; each with a unique design. MFMC said the project will revitalize Addu and enhance the tourism experience in the city. The project is also expected to boost career opportunities for the city’s residents as well as others, said MFMC. The Hankede Integrated Tourism Project will be included as part of the government’s bid to bring 8,000 tourism beds to Addu. Hankede is a tourism-centric region in Addu that…

The Maldives government has initiated preparations to distribute land plots in the Greater Male’ region. The Ministry of National Planning, Housing and Infrastructure announced that the list of recipients for the Binveriyaa and Gedhoruveriyaa schemes under the Gedhoruverin program will be made public in March. The ministry accepted applications for the scheme from June until September 2022. The government will distribute 4,000 housing units under the Gedhoruveriyaa scheme, and 5,000 land plots under the Binveriyaa scheme; including 1,000 land plots in Hulhumale’, 2,000 plots in Gulhifalhu, and 2,000 plots in Giraavaru. According to the ministry, it received over 20,000 applications…

As part of its strategy to expand banking services to support local communities, the Bank of Maldives (BML) has introduced a self-service banking ATM center Alif Alif Rasdhoo. The new center is housed at the newly relocated Rasdhoo branch. The center will support individuals and businesses to withdraw, deposit, and transfer money on a 24/7 basis. In addition to the newly introduced self-service banking center and branch in Rasdhoo, the bank now has self-service banking facilities in three islands of the atoll; Thoddoo, Ukulhas, and Mathiveri. The bank now has 35 branches across 20 atolls, 84 self-service banking centers, 142…

The Maldives Monetary Authority (MMA) has reported an expansion in activity in all sectors from 25th December 2022 to 11th January 2023. According to the central bank’s “Quarterly Business Survey”, businesses in all the economic sectors saw notable improvements. However, construction and transport and communication sectors reported moderation. Employment levels rose for businesses in all the surveyed sectors in Q4-2022, MMA reported. Tourism sector registered the most notable increase for the second consecutive quarter. With the continuation of the tourism peak season in Q1-2023, the respondents from tourism sector remained optimistic about the future activity. Despite a positive outlook, businesses…