Author: Mohamed Reehaan
The Bank of Maldives (BML) on Tuesday revealed it has implemented a new structural design. According to the bank, this new design aims to strengthen the banks accountability, simplify customer journey and align the bank more closely with its long-term strategy of sustainable growth. Four members of the executive team have taken up adjacent roles for an initial period of six months, the bank reports. These four members are: Aishath Zamra Zahir – Chief Commercial Officer Moosa Nimal – Chief Marketing Officer Rashfa Jaufar – Chief Risk Officer Gary Laughton – Chief Credit Officer CEO and Managing DIrector of the…
In the ongoing efforts of the Maldives government to identify and curtail illegal businesses led by foreign nationals, the authority reports recently of shutting down 107 such ventures. According to the Ministry of Economic Development’s most recent updates, it received 447 reports from various members of the public pertaining to illegal businesses. The ministry inspected 274 out of these outlets, of which 40% had shown various degrees of violations or breaches to relevant laws. The ministry effectively and promptly shut down these businesses. Maldivian law prohibits foreigners from registering and operating small to medium tier ventures. The only legal ease…
Maldives Transport and Contracting Company (MTCC) on Monday announced they have relocated their cargo ferry terminal to henveiru in light of Ameenee Magu upgrades geared up for mobilization. MTCC confirms they shifted cargo ferry service to henveiru to provide ease for customers since Ameenee Magu segment 1 upgrade works have commenced. The relocation serves as an easier access point for customers since the outer-most road’s segment near the henveiru ferry terminal recently opened for public usage. The outer-most road’s section running all the way from Izzuddeen pier all the way up to the henveiru ferry terminal recently underwent a massive…
The Maldives Government has appointed a new head to the Employment Tribunal. Ahmed Mamdhooh, a resident of Male’ City, was appointed to lead the tribunal and took oath of office during a ceremony held on Monday morning. The ceremony was held at the President’s Office, in front of Maldives President Dr. Mohamed Muizzu. The oath was administered to the new Employment Tribunal head by Supreme Court Justice Honorable Ustada Aisha Shujoon Mohamed. Mamdhooh, an alumni of University of Kelaniya, Sri Lanka, completed his undergraduate in Business Administration. Following his higher education, he entered into public service. During his long tenure…
State Trading Organization closed Q2 2026 with a net profit of MVR 280 million, more than 70% up on a year ago. Revenue for the quarter reached MVR 6.98 billion, up 27% on the first quarter and nearly double the MVR 3.55 billion booked in the same period last year. It is the largest quarterly revenue STO has reported in at least five quarters. Fuel makes up 86% of the company’s revenue, and global fuel prices climbed through the quarter as geopolitical tension kept markets tight. Higher prices inflate the top line automatically. Gross profit actually fell 4% quarter-on-quarter to…
Applications are now open for the inaugural edition of the “MIB Guesthouse Awards 2026”. According to the organizer, the Maldives Islamic Bank (MIB), guesthouses can apply across eight main categories to compete for the awards. The categories open for guesthouses are: Service Excellence and Hospitality: for guesthouses providing the highest standard of hospitality and service quality Authentic Maldivian Experience: for guesthouses that best showcase Maldivian culture, cuisine, and traditions Island Excursions and Experiences: for providers offering safe and exceptional maritime activities and island tours Culinary Experience: for guesthouses offering outstanding dining services with an emphasis on Maldivian flavors Eco-Friendly Award:…
The total amount of uncollected state revenue in taxes, rent, and fees increases reaching MVR 14.5 billion. According to the Maldives Inland Revenue Authority (MIRA), the unpaid funds grew by MVR 600 million during the first three months of 2026. This indicates a 5% increase. By the end of 2025, the total receivables stood at MVR 13.8 billion. The largest portion of uncollected revenue stems from taxes. The pending amount of taxes increased from MVR 7.8 billion to MVR 8.2 billion. Income Tax receivables rose to MVR 2.4 billion, while pending General Goods and Services Tax (GGST) reached MVR 3.5…
Maldives President Dr. Mohamed Muizzu has officially appointed Ambassador Thoriq Ibrahim as the Permanent Representative of the Maldives to the International Renewable Energy Agency (IRENA). The nomination has already been forwarded to the Parliament for its approval. The president is required to seek parliamentary approval for the appointment of representatives to international organizations. This presidential discretion comes directly from the Maldives Constitution and the Foreign Service Act. Following the formal submission, the matter has been referred to the Parliament’s Foreign Relations Committee for review. Thoriq’s appointment will become set in stone once the committee concludes its evaluation and the nomination…
The Ministry of Finance has set MVR 2.5 billion for next year’s Council Block Grant. Block grants were first issued to councils in 2020. Under this system, councils are allocated five percent of state revenue as block grants. While MVR 2.15 billion has been issued released to councils as block grants last year, MVR 2.25 billion was disbursed the year before. Block grants are provided to councils to invest in community needs, generate income for the councils and deliver municipal services to the public. A circular issued by the ministry said that under the Public Finance Act, the ministry is…
The State Pharmaceutical and Medical Supply Corporation Ltd held a meeting with the Faculty of Health Sciences, Maldives National University (MNU) to explore opportunities of collaboration. According to State Pharma, it held this meeting with the Faculty to discuss training and educational opportunities. The discussions also centered around collaborating in workforce development efforts. This meeting is aligned with State Pharma’s ongoing efforts to enhance medical sector; more specifically around areas that fall under the corporation’s purview. As such, the corporation is making numerous announcements to recruit pharmacists across different parts of the Maldives. In the past month alone, the corporation…