Author: Mohamed Reehaan

The Maldivian Gross Domestic Product (GDP) sees an 8.6% increase by the end of December 205, while the country’s national reserves has inched close to a billion dollars. Data from the Economic Update of Maldives Monetary Authority (MMA) this significant increment is due to strong performance in the tourism and fisheries sectors. The national reserves touched 983 million in US dollars by December 2025, which is a 46% jump from 673.9 million dollars the year before. Sector wise, tourism industry showed an 8% growth while fisheries saw a 21% jump, specifically in terms of fish purchases by production and manufacturing…

Circulation of MVR 100 notes see notable jump with the rise of ATM vestibules across the Maldives, expanding the banking network. Maldives Monetary Authority, the national mint, confirms bringing in a fresh batch of MVR 100 notes. The latest is the first to bear the signature of incumbent governor Ahmed Munavvar. Data of MMA shows MVR 100 currency notes are the second largest in terms of the volume in circulation, right behind MVR 500 notes. Breakdown of denominations in circulation: 2022 | 2,846,833 notes of MVR 100 and 6,004,881 notes of MVR 500 2023 | 2,964,059 notes of MVR 100…

Allied Insurance Company of the Maldives celebrated its 41st anniversary on Sunday with a reflection of the company’s strong performance in 2025. In 2025, the company celebrated 40 years of service excellence, successfully combining strong business growth with impactful community, sustainability, and corporate partnership initiatives. Key Highlights of Allied Insurance in 2025: DIVE40 – an ocean awareness and marine conservation initiative ‘Rakka’ Road Safety Campaign conducted in partnership with the Maldives Police Service Allied Fest 2025 Series held across major cities to promote financial awareness and family takaful plans Allied also held the Allied Baiskalu Race; an event encouraging health…

Allied Insurance Company of the Maldives announces its latest partnership; with the Maldives Police Service, as part of a new awareness campaign. The ‘Rakkaa Road Safety Awareness Campaign 2026’ was announced on Sunday morning, February 1st, at the Allied Building during a special press briefing. While speaking at the press briefing, the Chief Underwriting Officer, Ms. Iuliana Rusei highlighted the company’s achievements of the past year and shared objectives for the current year. Following this, Allied Insurance and the Maldives Police Service, formalized their collaboration by signing on a memorandum of understanding. Hussain Luwaiz, the Managing Director of the insurance…

The Maldives inflation hikes 0.95 percent in annual terms according to the Maldives Statistics Bureau. The primary Consumer Price Index (CPI) indicator, which gauges rise of the price on goods, shows this increment last year with the steepest price incline felt in cosmetics, which jumped 4.48 percent. Price on beverages saw a 2.45 percent increase while price on foods saw 0.43 percent increment annually. Oil and related commodities saw price drop last year owing to positive price performances in the global market. Oil and gas prices in the Maldivian market saw a drop of 1.02 percent as a result. While…

According to the Ministry of Construction, Housing and Infrastructure, more than 1600 applications have been submitted to the designated portal for the new social housing scheme within first week of its announcement. The ministry’s statistics show a total of 1,160 applications for housing units (apartments) and another 456 applications for land plots. The ministry also adds that another 7,605 remain in draft stages within the portal. Maldives government announced applications for 7,900 flats and 15,000 land plots of 1,250 square feet each under the scheme. While Male’ citizens are eligible, applicants from other islands are eligible if their duration of…

The Bank of Maldives (BML), on Sunday, January 25th announced enabling its Bulk Payment service for businesses. This new service, the bank adds, is an enhancement for local businesses to conveniently process large-scale payments in bulk, including salaries, allowances and dividends. The bank further adds this service will facilitate businesses to adopt and benefit from automated bulk payments in both MVR and USD directly to multiple BML accounts. “The ability to process bulk transactions digitally is an important step towards supporting businesses in their operations, making payments faster, more secure, and hassle free. This is a part of our continued…

Since the state began collecting Zakat-al-Mal, the highest Zakat collection was made last year according to Maldives Zakat House. The Maldives Zakat House on Thursday, revealed statistics that shows the total collection for the past five years. The figures confirm that the annual Zakat-al-Mal collection had seen an average of over MVR 90 million each year, from 2021 to 2025. Zakat-al-Mal Collection | 2021 – 2025: 2021: MVR 91.4 million 2022: MVR 92.7 million 2023: MVR 90.2 million 2024: MVR 102.3 million 2025: MVR 107.2 million The Maldives Zakat House had revised the ‘nisab’ for Zakat-al-Mal on December 21, last…

Visit Maldives Corporation (VMC) is currently showcasing at the first travel exhibition of this year. The premier tourism promotion board of Maldives is promoting the country’s hospitality and tourism offerings at FITUR 2026 which will run from January 21st to 25th in Madrid, Spain. Visit Maldives on its official website adds this travel trade fair provides “optimal environment for networking, industry engagement, and business development, attracting over 50,000 trade participants and exhibitors.” The tourism promoter further adds this fair helps Maldivian tourism industry stakeholders to engage with relevant international travel trade businesses and professionals. Visit Maldives is promoting the country’s…

STO Construction Solutions commences its “Roadha Sale” ahead of this year’s Ramadan. STO holds the promotional event every year ahead of the Islamic calendar month, with the aim of providing fast-moving and high-demand appliances and other items to consumers. Traditionally Maldivians redecorate and refurbish their households ahead of Ramadan, which subsequently, draws up demand for home furnishing equipment and furniture as well. STO Construction Solutions has partnered with popular local power tools retailer, Veliga Hardware for this year’s promotion. Veliga Hardware Director Zaid Mohamed officiated the promotion on January 21st at STO Construction Solutions’ showroom. According to STO, customers will…