Author: Mohamed Reehaan

The Maldives’ official reserves, inclusive of the usable reserve and the Sovereign Development Fund (SDF), are projected to reach above USD 606 million by the end of 2024, forecasts the Maldives Monetary Authority (MMA). This comes not long after the global credit rating agency, Fitch Ratings, downgraded the Maldives’ credit rating from ‘CCC+’ to ‘CC’, highlighting the Maldives’ close proximity to default. MMA, in a press statement on Thursday said, there are considerable factors while drawing comparison of the balance of reserves between July 2023 and July this year. The central bank notes that reserves had USD 395 million in …

The top global credit rating agency, Fitch Ratings has downgraded the Maldives’ credit rating from ‘CCC+’ to ‘CC’, marking the second ratings downgrade for the island nation in 2024. Fitch announced the downgrade in the Long-Term Foreign-Currency Issuer Default Rating (IDR) for the Maldives in a statement on Thursday. In it Fitch highlights the key factors to this downgrade includes an increased risk of default, declining gross foreign exchange reserves, surging external debt, public debt vulnerabilities, and uncertainties tied to the state’s medium-term fiscal plan.

Less than two months since its launch, more than 400 cases have been reported via the ‘Immigration Watch’ launched by the Maldives Immigration to report unlawful activities carried out by expatriates. Since its official launch on July 17 and until August 26, Immigration states it received a total of 437 reports via the platform. Out of the total reported cases, Immigration said it is currently investigating 369 of them. Immigration added it is also in the process of verifying 82 other reports. According to the most recent statistics, Maldives Immigration has deported over 3,000 expatriates between November 17, 2023 and…

The State Electric Company (STELCO) on Wednesday introduced its hotline, 1545. The hotline was launched during a social media live premier on Wednesday afternoon, at 15:45hrs reflecting the hotline. STELCO said the hotline’s introduction is aligned with the utility provider’s objectives of providing more accessible services to the customers. Customers can acquire information about all STELCO services, lodge complaints regarding electricity bills, and make other inquiries. Besides the hotline, the utility provider has opened direct communication channels on popular social messaging apps including Viber, WhatsApp and Telegram – linking them to STELCO Care’s services. Hussain Fahmy, the Managing Director of…

Since taking charge on November 17, 2023 and until last Sunday, the current government has deported more than 3,000 expatriates. According to Maldives Immigration, authorities have deported a total of 3,322 expatriates for offenses ranging from undocumented stay to operating unregistered businesses. Authorities have raided 257 different establishments as part of the ongoing crackdown to identify illegal immigrants and expatriates running businesses illegally. Immigration, especially, have heightened its measures against foreigners that operate businesses unlawfully. Besides this, the Ministry of Homeland Security and Technology earlier launched ‘Operation Kurangi’; which is a nationwide initiative to identify and filter our undocumented or…

Registration for the brand-new Office & Resort – 5K Team Event category of this year’s Dhiraagu Maldives Road Race (DMRR) is open now. Dhiraagu said this new category was launched to provide the opportunity for people working at different resorts and offices to participate as a team and represent their organizations at a competitive level. Employees of offices and resorts can now sign up in teams of four. Dhiraagu said that registration fee for each member is MVR 250. “Any employee of any organization can participation in this category, including resorts, government entities, SOEs and the private sector,” Dhiraagu said…

Holiday Inn Resort Kandooma Maldives has been awarded the “Best Surf Resort in the Maldives” at the Travel Travel Maldives (TTM) Awards 2024. This accolade highlights the resort’s world-class surfing experiences curated by partners and acclaimed surf travel operate Perfect Wave. “We are thrilled to receive this award from Travel Trade Maldives,” said Mark Eletr, General Manager of the resort. “Our strategic partnership with Perfect Wave has allowed us to deliver exceptional surfing experiences, whether our guests are seasoned surfers seeking the thrill of the waves or beginners looking to learn in one of the world’s most stunning locations.” The…

The Bank of Maldives (BML) on Sunday afternoon reverted its earlier decision of suspending foreign transactions on debit cards. The bank on Sunday morning announced it was suspending foreign transactions on existing and new debit cards as well as new credit cards linked to MVR accounts, and limiting the monthly usage to USD 100 on existing Standard and Gold credit cards. The decision was met with widespread public criticism, especially from students in overseas universities. The bank later said that it decided to revert the decision based on the instructions of the Maldives Monetary Authority (MMA).

The State Electric Company (STELCO) has announced it was now working developing an electric vehicle charging station. The station will be developed on Dhon-adharaadha Magu next to STELCO’s head office in Male’ City. STELCO Managing Director Hussain Fahmy said on X, that STELCO is “taking significant strides” to fulfill its commitments to a sustainable future in line with the vision of Maldives President Dr. Mohamed Muizzu. Fahmy in his post confirmed STELCO is now preparing to launch the EV car charging stations and EV motorcycle charging systems, in line with the utility provider’s objectives for a sustainable future. “This initiative…

The black market exchange rate of US dollars has significantly lifted after Bank of Maldives (BML) announced decision to suspend foreign transactions for debit cards linked to MVR accounts and a monthly transactional limit of USD 100 for Standard and Gold credit cards. The black market rates for US dollar has been levitating between a range of MVR 18.00 to MVR 18.20 on average for weeks. However, following the bank’s decision on Sunday, USD exchange rates in the black market has lifted between MVR 18.50 and MVR 18.85. There is possibility the rate could move towards MVR 20 and MVR…