Author: Mohamed Reehaan

State collected a monthly revenue total of MVR1.25 billion in October 2022, according to Maldives Inland Revenue Authority (MIRA). MIRA reported an increment of 24.6% when compared with the same month last year. Additionally, this is a 28.5% increment from initial projections. Revenue of October 2022 is higher in comparison with the corresponding month in 2021, due to the increment in the collection of GST, Income Tax, Tourism Land Rent, Airport Development Fee and Airport Service Charge. Airport taxes and fees improved due to the increment in the tax rates based on flying class. Top revenue sources to state in…

According to Ministry of Finance, state expenditure in cumulative terms reached MVR30.8 billion as of 27th October 2022. With this government spending is MVR3.3 billion short of hitting the approved budget for the current fiscal year. Meanwhile, revenues inclusive of grants by the review date stood at MVR22.3 billion, which is MVR2 billion shy from hitting the projected total for the year. Expenditure composition showed 73% of the total was spent on recurrent needs, 27% on capital expenses. Revenue composition reveals 72% of the earnings came from tax sources, remaining 28% from non-tax sources. The overall balance for the period…

Maldives President Ibrahim Mohamed Solih and First Lady Fazna Ahmed attended the Childcare Center recently opened by State Electric Company (STELCO). The presidential couple spent quality time among the children visiting the daycare center, while their parents attended work. The center was officially inaugurated last Wednesday, 09th November by STELCO Chairman. According to the utility provider, the daycare facility will stay open on weekdays from 08:15hrs in the morning, until 16:00hrs in late afternoon. The facility is applicable for children aged between 5 to 10 years. STELCO confirmed a total of 33 children have been already registered with the center.…

Tourist arrivals to the Maldives exceeded 1.38 million by 09th November 2022. According to Ministry of Tourism, tourist arrivals reached 1,388,044 in annual terms by the review date. This indicates a 31.5% year-to-date increment (from January until 09th November) when compared with the same period in 2021, during which arrivals stood at 1,055,924. However, the cumulative arrival total as of the review date was still 3.2% below that of the same period in 2019, during which it stood at 1,433,207. Moreover, arrivals from 01st to 09th November stood at 43,687. This is a modest 1.6% increase from the same duration…

Maldives Monetary Authority (MMA) confirms reserve money observed an annual decline of 7% by the end of September 2022. This increment comes after registering a drop of 4% by the end of August 2022. The decline was felt owing to the drop in net foreign assets, despite a surge in net domestic assets during the period. Net foreign assets declined due to the significant drop in foreign asset accumulation, despite the decline in foreign liabilities “which largely reflected the base effect of the repayment of the foreign exchange” swap with Reserve Bank of India (RBI). On the other hand, net…

Total exports (f.o.b) increased significantly by 36% in September 2022, when compared with the same month in 2021. On the other hand, total imports (c.i.f) increased by 27% during the same period, reports Maldives Monetary Authority (MMA). In monthly terms, exports and imports dropped by 12% and 9% in September 2022, respectively. The annual growth in total exports stemmed out mainly from a significant increment in re-exports, primarily that of jet fuel re-exports. However, domestic exports dipped during the month largely due to the drop in earnings from fresh or chilled yellowfin tuna and frozen yellowfin tuna exports, as well…

Maldives Monetary Authority (MMA) confirmed option to mint MVR4.4 billion to meet 2023 budgetary expenses. Recommendations provided by Maldives central bank on the 2023 state budget confirms, minting more money for budgetary needs, comes with an increment in the flow of money within the economy, subsequently dropping reliance on foreign currency. However, the downside to this is the negative impact on the exchange rate. MMA confirmed it will begin an Open Market Operation (OMO) in order to reduce the negative impacts of minting more currency notes. Central bank further claimed it observed in recent years that commercial banks invested less…

Maldives Marketing and Public Relations Corporation (MMPRC) kicked of a series of roadshows in the UK, coinciding final date of the WTM London 2022. The series titled ‘Connect with Maldives, Your Ultimate Destination’ conducted by MMPRC and industry partners were aimed at maintaining destination momentum and promote the country in the UK market. The first of the roadshow series was held in London, 09th November, following the wrap-up of the WTM London event. The second event followed a day later on 10th November, at Manchester. The final of the roadshow series was held on Friday, 11th November at Newcastle. ‘Connect…

Maldives secures the title of World’s Leading Destination for the third consecutive year at the World Travel Awards (WTA) 2022. Announced at the Grand Final Gala event held on Friday, 11th November, at Al Bustan Palace, Oman, Maldives was crowned World’s Leading Destination title along with multiple other accolades. Maldives Marketing and Public Relations Corporation (MMPRC) Chief Executive Officer and Managing Director Mr. Thoyyib Mohamed and Minister of Tourism Dr. Abdulla Mausoom accepted the awards on behalf of the island nation. Maldives beat out 18 other destinations for the title, which included Dubai, Portugal, Indonesia and Greece among them. Apart…

Minor Hotel’s Avani brand is aiming for its debut resort’s opening by mid-2023. The high-tier property is located in Baa Atoll, which is also the UNESCO Biosphere Reserve. Though this is the first resort under Avani brand, it is the sixth property by Minor Hotels in the Maldives. Avani + Fares will feature a variety of accommodation options ranging from beach pool villas, beach pavilions and overwater villas. The resort will feature a kids-only restaurant, additional to seven restaurants and an AvaniFit gym and AvaniSpa for recreation. A mini farm on the island will offer fresh farm-to-fork produce, while catch…