Author: Mohamed Reehaan
According to the latest Economic Update by Maldives Monetary Authority (MMA) the rate of inflation measured by the annual percentage change in the national CPI, decelerated to 0.4% in August 2021. Moreover, the inflation rate against the percentage change in the national Consumer Price Index (CPI) decelerated from 0.9% in July 2021. Meanwhile, the monthly percentage change in the national CPI decelerated to 0.1% in August 2021, from 2.8% in July 2021. MMA reports that the largest contribution to the monthly rate of inflation came from vegetables at 0.12 percentage points, fruits at 0.11 percentage points, housing rent at 0.03…
The Maldives pavilion is open to welcome visitors at the Expo 2020 Dubai, while the country is represented at the pavilion by Ministry of Economic Development, Ministry of Tourism and Visit Maldives. The Expo 2020 Dubai or more commonly referred as World Expo, held at Dubai, United Arab Emirates will run for a six-month duration. The fair commenced on 01st October and will last until 31st March 2022. Moreover, this year’s expo theme is “Connecting Minds, Creating the Future” while the fair provides a strong platform for exhibitors and industry affiliates to showcase destinations, latest innovations and detail out potential…
S Hotels and Resorts Public Company Limited, the flagship hospitality wing of Thailand’s Singha Estate PLC announces their step into the future, accepting payments in cryptocurrencies. Moreover, S Hotels and Resorts announced their partnership with FTX, one of the leading cryptocurrency trading platforms in the world, that will enable customers to book and pay for their stays using “virtual online currencies.” As such, the first properties under the S Hotels and Resorts that will welcome this new change will be the SAii Lagoon Maldives and Hard Rock Hotel Maldives, situated at the first integrated resort island; CROSSROADS Maldives. Furthermore, the…
Maldives Border Miles announces the introduction of free VIP services to the program’s Abaarana category members. Moreover, the Abaarana category is the ‘Gold Tier’ of the Maldives Border Miles programs and the members must “earn four-thousand points” to achieve this tier. The VIP service provides eligible members to relax at the Maamahi Executive Lounge upon arrival to Maldives. The Maamahi Executive Lounge is a top-notch resting and relaxing avenue with “plenty of refreshements, a mini duty-free shop” and free Wi-Fi connectivity. Interested travelers can enroll in the rewards program via bordermiles.mv/login and experience additional benefits when traveling to Maldives. Furthermore,…
Ministry of Finance reveals the total Green Tax collection for the month of July 2021 reached over MVR28.2 million. Furthermore, according to the Green Fund Report by the ministry, the exact total in Green Tax for the review month is MVR28,188,173.98 (MVR28.2 million). Moreover, the total Green Tax earnings from tourist resorts, hotels and guesthouses reached MVR27,834,809.09 (MVR27.8 million) in July, while the total Green Tax revenue from liveaboards and safari vessels for the review month stood at MVR353,364.89. In terms of Green Tax earnings from atolls, Kaafu atoll observed the highest earning which stood at MVR10,494,622.25 (MVR10.5 million). The…
According to the latest update by Ministry of Finance to their Weekly Covid-19 Spending Report, the government’s spending towards Covid-19 efforts remain largely unchanged from previous week. Moreover, the total health and social spending as of 23 September stood at MVR2,109.4 million (MVR2.1 billion) which is just a 0.09% increment from the previous week. During the review week, 33.7% of the total health and social spending were committed-spending. Meanwhile the total disbursements made towards Economic Response Plan (ERP) schemes stood at MVR1,773.4 million (MVR1.8 billion) by the review week, which remains unchanged from the week before. While the National Social…
The cumulative total of state expenditure as of 23rd September 2021 reached MVR20,718.5 million (MVR20.7 billion), reported Ministry of Finance. Moreover, the ministry had confirmed in their latest Weekly Fiscal Development that the cumulative total of state revenue reached MVR12,907.7 million (MVR12.9 billion) as of the review period. According to the state body, the expenditure composition reveals 77% of the total expense were concentrated towards recurrent needs and the remaining 23% towards capital expenses. On the other hand, revenue composition reveals 73% of the total earnings to the state came from tax sources and the remaining 27% from non-tax sources.…
Visit Maldives has commenced destination marketing in India to promote the island nation’s tourism industry. Moreover, the destination promoter along with industry partners have taken to two major events in order to promote the country’s tourism industry. The events include a one-day roadshow organized by Visit Maldives on 27th September, Monday at Novotel Ahmedabad. In addition to this, the promoter will take part from 29th September to 01st October at the Travel and Tourism Fair (TTF) held at the Physical Fair, Nehru Centre, Worli, Mumbai. The fair is hailed as one of the biggest tourism oriented events in India. Furthermore,…
Bank of Maldives (BML) has reportedly introduced international money transfer services through their Mobile Banking Application. Furthermore, the national bank of the island nation testifies that their mobile banking app will allow customers to transfer money to international accounts up to USD3,000 per day. With the service introduction, customers with USD accounts at BML can transfer money to several international banks without interventions or added time consumed between transfers. Moreover, international money transfers are subject to a fee according to the bank. As per BML, for transfers between USD50 to USD500 a fee of USD5 will be incurred and transfers…
Visit Maldives has reported that a team of South African media correspondents have visited the country as part of the tourism familiarization trip. Moreover, Visit Maldives, the organizer of the familiarization trips confirmed that the team will stay in the island nation from 25th September until 02nd October. The delegation from South Africa’s media team include reporters from famous outlets such as the Independent Getaway and Sunday Times. Meanwhile, the team will stay in Fushifaru Maldives, The Westin Maldives Miriandhoo Resort as well as Hideaway Beach Resort and Spa during their trip. Furthermore, this familiarization trip will serve as ample…