Author: Mohamed Reehaan

Mastercard on Monday, 17th October 2022, introduced Crypto Source, a new program enabling financial institutions to bring secure crypto trading capabilities and services to their customers. According to the 2022 Mastercard New Payment Index, 29% of respondents globally hold cryptocurrency as an investment, with another 65% indicating a preference for crypto-related services to be provided by their current trusted financial institution. Mastercard will gain access to a comprehensive suite of buy, hold and sell services for crypto assets in partnership with regulated and licensed crypto custody providers. The assets will be augmented with proven identity, cyber, security and advisory services.…

Maldives economy continued to recover strongly in 2022, driven by a rebound in tourism while poverty is expected to return to pre-pandemic levels by end of the year, says World Bank. The bank in its recent Maldives Development Update (MDU) notes the number of tourist arrivals grew by 42.9%, in a year-on-year basis, during the first eight months of 2022. A decline in arrivals from Eastern Europe and Russia was offset by other markets, particularly Western Europe, India, and Middle East countries. Moreover, formal sector employment and wages picked up with strong economic rebound. However, information sector jobs showed weaker…

The rate of inflation, measured by the annual percentage change in the national CPI decelerated to 2.5% in July 2022, reports Maldives Monetary Authority (MMA). Maldives inflation registered the decline from 5.2% from the national Consumer Price Index (CPI) in June 2022. MMA reports the top contributors to inflation rate during July 2022 include; Fish: 0.4% Petrol (personal transport): 0.4% Meat: 0.3% Medicine: 0.2% Passenger transport (air): 0.2% Oils and Fats: 0.2% Mobile communication services: -0.9% Vegetables: -0.1% Monthly percentage change in national CPI decelerated to 0.15% in July 2022 from 0.45% in June 2022. Largest contribution to the monthly…

Maldives Monetary Authority (MMA) confirms the country’s real GDP grew by 19.3% in Q1-2022. This growth was recorded following a 49.6% growth in the preceding quarter of Q4-2021. Moreover, annual real GDP for Q1-2022 was 3.1% higher than pre-pandemic levels of Q1-2019. According to Maldives central bank, this upturn in annual GDP growth during Q1-2022 was mainly driven by the robust performance of the tourism sector.” In addition to this, transportation and communication, human health and social work activities, and construction showed positive contribution offsetting negative contribution from the wholesale and retail sector. The real GDP observed a steady increase…

Maldives Monetary Authority (MMA) reports tourist bed nights increased by 6% and arrivals declined by 8% in August 2022, in comparison with the same month in 2021. Similarly, bed nights rose by 18% and arrivals declined by 5% when compared with pre-pandemic levels of August 2019. Tourist arrivals in August 2022 stood at 131,862. According to central bank, tourist arrivals “mainly reflected the robustness in arrivals from the main source markets of Europe and India.” During the month, top source markets included Russia, India, UK, Italy and Germany. Moreover, for the review month Russia remained the top source market, while…

Bank of Maldives (BML) announces new promotion for customers opening Kids’ Saver account. According to the national bank, during the promotion period from 16th October until 16th November, the first 1,500 customers will receive MVR200 credited to their account. Moreover, BML will issue free reloadable card for all new accounts, with 50 lucky winners standing to win MVR2,500 each. Customers in Male’ City, opening BML and BML Islamic Kids’ Saver accounts will have dedicated counters at Hulhumale’ and Vilimale’ branches. Additionally, BML Account Opening Center and BML Islamic Branch will facilitate new account openings. As part of the promotion, BML…

Ooredoo Maldives has signed on as the title coverage partner with MediaNet for the upcoming FIFA World Cup – Qatar 2022. The telecommunication provider’s CEO and Managing Director Khalid Al-Hamadi and CCEO Hussain Niyaz signed the agreement on behalf of Ooredoo, while MediaNet’s CEO and Managing Director Ahmed Shafeeu and COO Ahmed Nabah signed on behalf of the rebroadcaster. Local broadcasters Raajje TV and ICE Plus had signed partnership agreement with Ooredoo Maldives as well. MediaNet, which acquired rebroadcasting license for the most coveted football event in the world, confirms providing rebroadcasting licenses to both Raajje TV and ICE Plus.…

Bank of Maldives (BML) on Saturday, 15th October, supported the annual ‘Pink Ribbon Run-Walk.’ The event is organized by the Cancer Society of Maldives (CSM) to raise public awareness on breast cancer. The ‘Pink Ribbon Run-Walk’ was held on Saturday late afternoon in Hulhumale’, along with 33 residential islands. BML donated MVR150,000 to CSM in support of the initiatives to increase breast cancer awareness. Additionally the donation will be used to provide psychosocial support to cancer patients and their families. The national bank will also be supporting CSM’s cancer screening program in Faafu atoll.

Abu Dhabi Fund for Development (ADFD) assures second phase of Maafaru International Airport will commence soon. ADFD made the assurance to Maldives Minister of Foreign Affairs Mr. Abdulla Shahid. The minister is currently visiting United Arab Emirates (UAE), and met with ADFD Director General Mohammed Saif Al Suwaidi. The parties discussed on various development projects carried in the Maldives right now, which includes Maafaru airport’s development. At the meeting, minister Shahid had thanked ADFD for their continued support towards infrastructural development of the island nation. Maafaru Airport opened in 2019, and a year later it transitioned into Maafaru International Airport.…

More than 35,800 applications for housing have been received to Ministry of National Planning, Housing and Infrastructure (MNPHI). The applications for housing flats and land plots, through the “Gedhoruverin” portal registered a total of 35,861 before deadline. The deadline for application submission initially was opened until 26th September, which commenced earlier in 26th June. However, the deadline was later extended until 15th October, 00:00hrs. Under the scheme, state is issuing 3,000 plots out of the total 5,000 plots for registered Male’ citizens, and another 4,000 housing flats. The ministry provided details of the applications, which included; ‘Binveriya’ (land plots) -…