Author: Mohamed Reehaan
Bank of Maldives (BML) has opened applications for proposals under its ‘Aharenge Bank’ Community Fund initiative for the final phase of 2021. According to the bank, the community fund initiative is open for individuals and registered NGOs to contribute to their respective communities through “sustainable projects” with the five best proposals being selected for funding. The winning projects in the areas of education, environment, sports and community engagement stand to win MVR50,000 to implement the proposed projects. Moreover, applicants can send in their project proposals with necessary supporting documents to [email protected] on or before 23:59hrs on 30th November 2021. Furthermore,…
According to Ministry of Tourism, the total tourist arrivals to Maldives as of 10th November 2021 has exceeded the one million mark. Moreover, the state body confirms that the total arrival figure by the review date reached 1,060,004. Meanwhile, tourist arrivals from 01st up to 10th November stood at 47,076 which is a 3.0% improvement from the corresponding period in 2019 where the arrival count stood at 45,724. Furthermore, the arrival count from 01st to 10th November has also observed a 363.6% increment when compared with the same period in 2020 where the arrival total reached only 10,154. The daily…
The latest updates from Ministry of Finance in their Weekly Fiscal Developments confirm that the cumulative state expenditure total has reached MVR25,922.7 million (MVR25.9 billion) as of 04th November 2021. Furthermore, the government ministry indicated that the cumulative revenue total by the review period has reached MVR16,174.1 million (MVR16.2 billion). Expenditure composition reveals that 74% out of the total were concentrated on recurrent needs and the remaining 26% on capital needs. On the other hand, revenue composition reveals 73% out of the total came from tax sources and 27% from non-tax sources. Meanwhile, the overall balance for the period is…
Maldives Inland Revenue Authority (MIRA) reports that the state had collected a total revenue of MVR 1 billion in October 2021 out of which 38.20 million was collected in USD. Moreover, the revenue and taxation authority confirms that the revenue collection in the review observed an increment of 155.7% when compared with the same period in 2020. MIRA further reported that this increment is directly resultant from the increase in TGST, Green Tax as well as airport taxes and fees in the review month. Moreover, tourist arrivals in September 2021 was comparatively higher than the arrivals in the same month…
According to Maldives Ministry of Finance, revenues and grants to state observed a 122.5% increment in September 2021 when compared with the same period in 2020. Moreover, the state body attests that the revenues inclusive of grants in the review month reached MVR2,337.4 million (MVR2.3 billion); with a significant proportion of the increase coming due to a MVR687.7 million hike in non-tax revenues. On the other hand, total expenditure for the review month increased by 34.1% compared to the corresponding month in 2020. Capital expenditure increased by 52.1% in the review month while recurrent expenditure increased by 10.2%. The fiscal…
State Trading Organization (STO) is set to introduce Kone’s touchless signalization in the Maldives. Moreover, the state-owned enterprise is the authorized distributor of Kone products in the island nation, which added that the touchless signalization in elevators will diminish possibilities of viral contagions coming into contact among people. As such, STO in their press statement identifies that elevator buttons are one of the most “populous breading grounds for bacteria and distribution” due to these ‘environments’ being high traffic areas with “higher contamination rates.” In a bid to reduce such contamination, Kone has introduced the KDS 330 touchless signalization option that…
Maldives Monetary Authority (MMA) reported that the annual reserve money (M0) growth accelerated to 29% at the end of September 2021, while annual broad money (M2) growth decelerated by 25% at the same period. Moreover, reserve money stood at 25% at the end of August 2021 while broad money stood at 26% during the same month. As per the central bank of the Maldives, growth in the reserve money stemmed from the increase in net foreign assets of the MMA despite registering a decline in the net domestic assets of the bank in the review period. Furthermore, net foreign assets…
According to the latest economic updates from Maldives Monetary Authority (MMA) the tourist arrivals and bed nights increased by 1,096% and 888% respectively in September 2021, compared to the same month last year. Moreover, the total tourist arrivals exclusively in the month of September 2021 stood at 114,896 which is still 2% less than the pre-pandemic levels observed in September 2019. On the other hand, tourist bed nights observed an increment of 5% compared to the corresponding period in 2019. MMA identifies that the annual increase in tourist arrivals reflected the base effect of the slow pickup in tourist arrivals…
Visit Maldives launches a new destination marketing campaign with Italy’s largest travel agency brand, Bluvacanze and Vivere & Viaggiare. Moreover, the premier Maldives destination promoter claims that the campaign will run until the end of March 2022. The travel brands represent over 320 travel agencies with over 600 points of sale across the European country, while it has been active in the tourism market for 40 years. Furthermore, Vivere & Viaggiare with Bluvacanze are known as one of the largest and most important Italian tourism companies, which also owns the Blunet brands, the Tour Operator Going as well as Cisalpina…
Housing Development Corporation (HDC) signs with Maldive Gas to establish system for the provision of gas for Hiyaa Flat residents. Moreover, the agreement was signed between the Managing Director of Maldive Gas Mr. Shazai Siyam and the Managing Director of HDC Mr. Suhail Ahmed. This is the first time an agreement of this kind has been signed in the country for a social housing project. The initiative aims to reduce complications arising for customers in changing their residencies, when applying for Maldive Gas services. Furthermore, the project involves creating a storage space for gas in each of the residential towers…