Author: Mohamed Reehaan
According to the most recent publicized statistics from Maldives Customs Service, the revenue generated to the authority in January 2022 increased by 30%. The Maldives Customs Service reported that it had generated a revenue total of MVR312 million in the review month. In addition to this, the authority collected a total of MVR1.2 million in royalties. The total imported goods value for the review period stood at MVR4.2 billion with the inclusion of fuel, and without the inclusion of the commodity, the import value stood at MVR3.4 billion. Additionally, both import conditions showed an increment of 49% in January 2022.…
India’s largest 4G and mobile broadband digital service provider, Reliance Jio Infocomm is expected to land the next generation multi-terabit India Asia Express (IAX) undersea cable system in the Maldives. Under the project, the high capacity and high-speed IAX system will connect the satellite town of Hulhumale’ directly with two of the major internet hubs in the world; India and Singapore. Speaking about the initiative, Minister of Economic Development Mr. Fayyaz Ismail said that this was the first international cable initiative led by the government. “This is the first stride towards enhancing our connectivity infrastructure and opening vast opportunities for…
Dhiraagu has signed an agreement to connect the Maldives submarine cable network to the “Sea-Me-We 6” cable system. The submarine cable system is an initiative from thirteen of the world’s leading communications and technology conglomerates. Expected to conclude by 2025, the cable system will see cable units spanning 19,200 kilometers laid starting from South Korea and reaching Europe through India and the Middle East. Reportedly, the cable units are state-of-the-art and can provide speeds up to 100 Tbps. While speaking about the company’s decision to sign the agreement, the CEO and Managing Director of Dhiraagu Mr. Ismail Rasheed said that…
According to the latest update from the Ministry of Tourism, tourist arrivals to the island nation have already exceeded 210,000. As of 16th February 2022, the total number of tourists arriving in the Maldives reached 210,184. The total tourist arrivals on a year-to-date basis also indicate a 44.9% increment and for February exclusively, a 48.1% increase. So far in February (from 01st to 16th) the total number of tourist arrivals has reached 78,420 whereas in the same period of 2021 the tourist arrivals stood at 52,943. However, tourist arrivals for the review period are still below the arrival numbers of…
According to the latest update from the Ministry of Finance, the state expenditure has reached a cumulative total of MVR2,687.7 million (MVR2.69 billion) as of 10th February 2022. Meanwhile, the cumulative total of revenues inclusive of foreign grants by the same period reached MVR2,599.3 million (MVR2.59 billion), thereby indicating a higher expenditure than revenue earned. The overall balance of the state finances, which were in surplus during the previous review has once again shifted to a deficit of MVR88.3 million. Tax incomes sources such as TGST, GGST, and BPT have continued to contribute the strongest to the Maldivian state in…
Bank of Maldives (BML) has expanded its banking territory with the introduction of a new self-service banking ATM at the island of Laamu atoll Maamendhoo. The national bank’s new service introduction comes under its efforts to scale up its presence in the atoll. Apart from general cash withdrawals, customers including both individuals and businesses can deposit and transfer money on a 24/7 basis. Meanwhile, the atoll currently possesses a branch of BML and self-service banking in Fonadhoo and Gan as well as a self-service banking ATM center at Maavah. The bank’s CEO and Managing Director Mr. Tim Sawyer, speaking about…
One of the most prominent figures associated with the Maldives tourism industry scene, George Corbin who lead the very first tour group to the island nation, shared his opinion over Maldives tourism progress. According to Mr. Corbin, the island nation’s tourism industry has progressed beyond his belief while he added that his memories of the country were still from 50 years ago, noting the significant progress made by the island nation. Mr. Corbin shared his observation with local media after arriving in the Maldives to take part in the celebratory activities commemorating the Golden Jubilee anniversary of the country’s tourism…
Maldives Marketing and Public Relations Corporation (MMPRC) has launched an online destination training campaign in association with 2HUB targeting the Indian market. According to MMPRC, the destination training program will be conducted from 16th February until 16th May 2022. Under the joint effort, 2HUB will create a dedicated online platform to provide the latest and up-to-date information about the Maldivian tourism sector to travel-trade professionals working in the Indian market. The information related to the island nation will be made available to members of 2HUB which will include tour operators and travel agents. MMPRC hopes to familiarize travel-trade professionals working…
Habib Bank will reportedly close a total of 21 dormant bank accounts registered to its Male’ Branch over dormancy. According to the bank’s announcement in which it had publicized details of all 21 accounts, Habib Bank clarified that the accounts have been dormant without any financial transactions for five years as of December 2021. Meanwhile, the bank also confirmed that documents have not been provided to the respective owners regarding the planned closure while the bank had regularly sent bank statements to the last known addresses of the respective owners. However, in accordance with the Maldives Banking Act, Habib Bank…
Maldives Inland Revenue Authority (MIRA) has reported that the state collected a total of MVR2.36 billion in revenue in January 2022. According to the inland revenue authority, the revenue earned to the state in the review month observed a 31.2% increment when compared with the same month in 2021. Moreover, MIRA reported that the relative increment of revenue in the review month is due to the increase in the collections of TGST, GGST, Income Tax, Green Tax, and airport taxes and fees. In addition to this, tourist arrivals in December 2021 were two times higher than the arrivals in December…