Author: Mohamed Reehaan

India has cleared a fresh USD 319 million (INR 30 billion) disbursement to the Maldives, delivering a timely liquidity boost just as the previous swap window closes. Moreover, the move signals that New Delhi intends to keep Malé’s external buffers intact through a turbulent global cycle. A Well-Timed Lifeline The High Commission of India in Malé confirmed the release in a press statement issued on Thursday evening. The funds flow under the first phase of the Framework on Currency Swap Arrangement for SAARC Countries. The underlying agreement dates back to October 2024. President Dr. Mohamed Muizzu signed it with the…

In one of the most candid admissions by a sitting Maldivian minister on the state of the country’s reclamation pipeline, Minister of Construction, Housing and Infrastructure Dr. Abdulla Muththalib disclosed this week that of all the islands and lagoons reclaimed across the archipelago since 2010, only two have actually been put to productive use. Every other reclaimed parcel, including high-profile sites in the Greater Malé region and across the outer atolls, remains effectively stranded: dry land on a map, but without the water, sewerage, electricity, or road networks needed to make it livable or investable. Speaking at a press conference…

The State Trading Organization (STO), the Maldives’ largest listed state-owned enterprise, on 22 April 2206 published a first-quarter scorecard that immediately re-set the baseline for what a “good quarter” looks like for the company. Metric (Q1 2026) Total Revenue: MVR 5.5 billion | +33% QoQ Gross Profit: MVR 785 million | +17% QoQ Operating Profit: MVR 368 million | +14% QoQ Net Profit Before Tax: MVR 331 million | +20% QoQ Net Profit After Tax: MVR 276 million | +13% QoQ The revenue print is the highest single-quarter top-line in STO’s 62-year history, eclipsing the MVR 4.9 billion peak recorded…

Bank of Maldives (BML) has firmly denied rumours that it has quietly raised BML e-commerce fees on online transactions. Specifically, the bank confirmed on Tuesday, April 21, that it has not introduced any new charges beyond those already publicly announced. Addressing the Rumours Head-On A wave of claims on social media recently alleged that BML had added extra charges on online debit card transactions across various e-commerce platforms. Consequently, the bank moved quickly to set the record straight. BML spokesperson Mohamed Saeed addressed the allegations directly. He confirmed that no new fees have taken effect since July 1 last year.…

The Bank of Maldives (BML) has pushed back on growing speculation about its US dollar allocations for Telegraphic Transfers (TT). Specifically, the bank has clarified that it has neither cut the volume nor reduced the frequency for BML TT allocation for businesses. Instead, BML has tightened its procedures to ensure a fairer, more orderly process. Setting the Record Straight BML CEO Mohamed Shareef addressed the issue at a press conference today. Notably, his remarks responded to recent criticism on social media and across various news platforms regarding constraints on USD access for the business community. Shareef confirmed that the underlying…

The government has finalized arrangements to supply subsidized fuel for fishermen at State Trading Organization (STO) shed rates across 13 islands. Furthermore, the new mechanism takes effect from April 22, giving the country’s fishing fleet immediate relief from rising costs. A Response to Global Oil Pressures Global oil prices have climbed sharply since the conflict in the Middle East escalated. The war between Iran on one side, and Israel and the United States on the other, has rattled international energy markets. Consequently, the price impact has reached the Maldives, with local fuel prices rising in turn. The Ministry of Fisheries,…

Fuel Supplies Maldives (FSM) has officially begun operations at its new FSM fuel station in Dh. Kudahuvadhoo. The launch marks another step in the company’s nationwide push to improve fuel accessibility. Another Site Comes Online The new facility forms part of a government-led initiative to widen fuel access across the Maldives. Specifically, the project aims to ensure at least one standardized fuel station in every atoll. FSM has launched the Kudahuvadhoo site just weeks after opening similar stations in Sh. Milandhoo and F. Nilandhoo. Furthermore, the Kudahuvadhoo station brings the total number of operational sites under the project to more…

State Trading Organization’s (STO) General Trading has officially launched the One Day More range in the Maldivian market. Sales of the new product line began on April 19, at STO People’s Choice. A European Brand Arrives in Malé A special ceremony at STO People’s Choice marked the launch. Aishath Shifana Wajeeh, CEO of Heat Gym and a well-known fitness instructor, graced the event as guest of honour. Moroever, Shifana spoke about the health benefits the products offer to daily consumers. The European brand positions itself as a healthy, natural, and premium breakfast choice. The launch fills a clear gap in…

The Maldives ended March on a strong financial footing. The Maldives Monetary Authority (MMA) confirms that the usable reserves jumped to approximately USD409 million by month-end. This marks a 21.3% hike from USD337 million in February. Official reserves also hit a record high. They rose from USD1.27 billion in February to USD1.33 billion in March, a 4.7% increase and the highest level ever recorded. Crucially, these figures reflect the country’s financial position before the USD500 million Sukuk repayment — the largest single debt settlement in Maldivian history. What Are Usable Reserves? Not all official reserves are freely available. The MMA…

The Maldives had a strong start to 2026. The state collected MVR 549 million in tourism land rent during the first quarter. This marks a 12.5% jump from MVR 488 million in the same period last year. In dollar terms, the earnings reached USD 35 million. That compares to USD 32 million in Q1 of the previous year. The Maldives Inland Revenue Authority (MIRA) released these figures in its latest quarterly report. Resort rent also contributed MVR 440 million. That figure accounts for 10.9% of total state revenue. In foreign currency, resort rent brought in USD 29 million, representing 14%…