Author: Mohamed Reehaan

Ministry of Finance has revealed state is owed more than one billion Rufiyaa in tourism-related taxes and fines including TGST and Green Tax. The ministry disclosed the information as a response to an inquiry from Parliament MP Ibrahim Rasheed, over taxes owed to the government. In a written response, Minister of Finance Ibrahim Ameer confirmed tax receivables of more than MVR632 million in TGST as of 31st August, with a penalty of MVR240 million. Total amount of TGST including penalty owed to the state is at MVR872 million. Additionally, as of 31st August, Green Tax receivables to state, not settled,…

Maldives becomes recipient to multiple accolades under the Indian Ocean category of World Travel Awards 2022. Winners were announced at the WTA Africa and Indian Ocean Gala ceremony held in Nairobi, Kenya. Maldives won three awards under India Ocean category, which include; Indian Ocean Leading Destination Award Indian Ocean’s Leading Beach Destination Award Indian Ocean’s Leading Dive Destination Award Furthermore, Maldives Marketing and Public Relations Corporation (MMPRC) won the Indian Ocean’s Leading Tourist Board 2022 award. Velana International Airport (VIA) won the Indian Ocean’s Leading Airport 2022 and Hulhule’ Island Hotel (HIH) won the Indian Ocean’s Leading Airport Hotel 2022…

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.