Author: Mohamed Reehaan
The Ministry of Economic Development and Trade on Monday highlighted Bank of Maldives’ (BML) acceptance of RuPay payment option a significant milestone. The ministry in its statement said that this marks a major step towards financial integration and the modernization of payment systems in the Maldives – which was conducted in the presence of President Dr. Mohamed Muizzu and Indian Prime Minister Narendra Modi in New Delhi. “This landmark initiative is expected to significantly enhance digital transaction capabilities between the two nations, streamlining financial operations and fostering stronger economic ties.” The ministry further emphasized that the introduction of the RuPay…
The Maldives and India have signed a USD 400 million and INR 30 billion currency swap agreement. The agreement was signed between the Maldives Monetary Authority (MMA) and the Reserve Bank of India (RBI) on Monday afternoon, following the bilateral talks in New Delhi between Maldives President Dr. Mohamed Muizzu and Indian Prime Minister Narendra Modi. Under the agreement, the Maldives central bank is allowed to draw a swap facility under two windows: USD or EUR window and INR window respectively, against the Maldivian currency; Rufiyaa (MVR). The facility also allows MMA to make multiple draws, up to a maximum…
The Bank of Maldives (BML) on Monday announced that it has begun accepting RuPay cards on its ATMs and POS terminals. RuPay, a product of the National Payments Corporation of India (NCPI), is India’s first global card payment network which is now used by more than 300 million users worldwide. Highlighting this achievement, the bank’s Director of Retail, Business and SME Banking, Moosa Nimal said, “We are delighted to partner with National Payment Corporation of India to facilitate the acceptance of RuPay cards in the Maldives.” “RuPay has made a significant impact on the retail payment systems in India and…
The Managing Director of State Electric Company (STELCO), Hussain Fahmy has said the company’s ongoing initiative of establishing an electric vehicle charging station (EV Station) is an important step towards environmental sustainable efforts at a larger scale. Fahmy said the initiative was aligned with Maldives President Dr. Mohamed Muizzu’s broader vision for a greener future. The STELCO Managing Director, while providing latest updates of the ‘green’ initiative, said that the project has been proceeding at a fast pace. He also highlighted the project is STELCO’s way of adding into President Muizzu’s vision of reducing the country’s carbon footprint and enhancing…
The Maldives has welcomed a little over 1.5 million travelers so far in 2024, indicating an annual 9.5% increment. According to statistics published by the Ministry of Tourism on Sunday, Maldives has welcomed a total of 1,517,068 tourists from January 01 to October 05, 2024. In the same period last year, Maldives had attracted 1,385,883. Tourist Arrivals – Monthly January: 192,385 February: 217,392 March: 194,227 April: 168,366 May: 119,875 June: 123,284 July: 167,528 August: 176,175 September: 132,788 October (1st-5th): 25,048 The daily arrival average in annual terms is now 5,537 travelers, and the average duration of stay is 7.7 days…
Sun Siyam Olhuveli has announced the AstroFest 2024-2025, transforming the property into a “celestial oasis” for this festive season, from December 21, 2024 to January 08, 2025. This year’s theme is a cosmic celebration of space, “where floating astronauts, glowing planets, and celestial decor transport guests into a dazzling universe.” The festivities will begin on December 21st with the Christmas Tree Light-Up Ceremony – setting the scene for the magical season ahead. On Christmas Eve, December 24th, a Gala Cocktail Session at sunset followed by live performances from DJ Jeremiah and belly dancer Vika Kolesnyk is on the schedule. On…
Villa Nautica has been recognized with the 2024 Agoda Customer Review Award. This win reflects the positive feedback from guests and highlights the property’s commitment in creating memorable experiences. Villa Nautica offers a warm and welcoming environment, where young guests can enjoy fun activities at the ‘Wavy Navy Kids Club’ while allowing their parents to relax. The property also features a variety of other activities, including a 5-star PADI diving center and an extensive range of watersports. This accolade is a celebration of Villa Nautica’s team efforts to ensure every guest feels special and leaves with wonderful memories.
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The State Electric Company (STELCO) has planted over 36,000 tree in three months since it launched a project to plant 500,000 trees over the next five years. STELCO launched the 500,000-tree project earlier on June 5, 2024, in celebration of the World Environment Day. The project began simultaneously in all 33 islands the company has its stations established in. In a statement on Wednesday, STELCO said it has planted 36,825 trees as of September 30, 2024. Speaking on the efforts, STELCO Managing Director Hussain Fahmy said the company remains fully committed to its goals of planting 500,000 trees over the…
Bank of Maldives (BML) has announced the winners of its inaugural ‘Bank Fund’ – an initiative targeted to empower NGOs and drive sustainable development projects across the Maldives. Recipients of the Bank Fund 2024 are: Muraka Farm: coral restoration project in B. Dharavandhoo – safeguarding marine biodiversity and promoting sustainable livelihoods Children of Maldives: building a vast nature library in Vilimale’, fostering passionate environmental awareness and education Dhiggaru Ekuveri Zuvaanunge Gulhun: sustainable urban farming project promoting food security and sustainable agricultural practice Veymandoo Zuvaanunge Gulhun: developing a sensory and vocational training room for students with special educational needs in Th.…