Author: Mohamed Reehaan

Bank of Maldives (BML) released a public statement this week to address market confusion surrounding two key financial metrics: its US Dollar Net Open Position (NOP) and its US Dollar liquidity. The bank stressed that BML’s NOP and liquidity are separate indicators that serve different purposes — and that both currently sit at health levels. Key Insights Over USD 600M+ foreign exchange transactions facilitated in the past year USD 585M net tourism loan portfolio as of Q1 2026 BML achieves record results last year Net Open Position (NOP) The gap between a bank’s foreign currency assets and liabilities at a…

The redevelopment of Boduthakurufaanu Magu, the arterial road running along Malé’s northern waterfront, is on course for full completion by end of June, Construction Minister Dr. Abdulla Muththalib announced on Wednesday. President Dr. Mohamed Muizzu visited the active construction site to assess progress firsthand. Phase 1 covers the 90-metre segment between the Henveiru Ferry Terminal and Fishermen’s Park. The contractor, Maldives Transport and Contracting Company (MTCC), targets completion of this stretch within one month. The remaining 520-metre section, running from Fishermen’s Park to Izzudheen Jetty, follows, bringing the full corridor to the June deadline. The project widens the road by…

India has renewed its special commodity quota for the Maldives following a direct request from the Maldivian government, the High Commission of India in Malé confirmed. The extension keeps preferential import terms in place through the current and following year, and sets the highest approved volumes since the two countries struck the original bilateral trade agreement in 1981. The arrangement covers a broad basket of food staples and construction inputs. New Delhi grants the Maldives guaranteed access to these goods even when India restricts exports to other markets — a protection that carries significant weight for an import-dependent island economy.…

Maldives Airports Company Limited (MACL) has kicked off plans to launch a premium duty-free business at the new terminal of Gan International Airport in Addu City. The move signals a major commercial push into the southern Maldives. More importantly, it opens the door for luxury retail at one of the region’s key aviation hubs. MACL says the new duty-free operation will upgrade the travel experience at Gan International Airport. At the same time, it will unlock fresh business activity in the south and support faster tourism-led growth. Moreover, the project fits into a wider national strategy. The government wants to…

MIFCO today opened its new fish processing facility in Hulhumeedhoo, marking a fresh push to expand value-added fish production in Addu Atoll and strengthen the region’s fisheries economy. Minister of State for Fisheries and Ocean Resources Aminath Hussain Shareef joined the inauguration ceremony in Hulhumeedhoo. MIFCO CEO Faruhath Shaheer, senior company executives, and officials from the Addu Fisheries Complex also took part in the launch. MIFCO said the new facility will give Addu residents access to safe, packaged, and dependable fish products. The company expects the investment to improve margins across the regional fisheries sector by increasing processing capacity and…

The Housing Development Corporation (HDC) will waive rent for Hiyaa flats for the next two years to help tenants manage finishing costs. In a letter to flat owners, HDC said it will start applying the policy from Wednesday. First, the corporation will deduct any unpaid rent from the remaining balance of the MVR 200,000 finishing discount assigned to each unit. Then, if a tenant has no outstanding rent after that adjustment, HDC will pause the monthly rent charge of MVR 5,300 until the full discount amount runs out. As a result, tenants will not need to pay rent again until…

Qatar Airways will resume scheduled flights to the Maldives on April 8, according to Visit Maldives. The airline plans to operate five flights each week on the route. Earlier, Qatar Airways halted Maldives services after unrest in the Middle East triggered regional airspace closures. That disruption reduced transit options through Doha and created challenges for international travelers. Now, the airline aims to restore a key travel link for passengers from the Middle East, Europe, and the Americas. As a result, the resumption should support smoother connections and strengthen the Maldives’ tourism and aviation sectors. Visit Maldives said the restart comes…

Bank of Maldives (BML) has approved the largest dividend payout in its history. At last night’s Annual General Meeting, shareholders greenlit a total dividend of MVR 322,915,200 for the 2025 financial year, at a rate of MVR 60 per share. The meeting also resolved to issue two bonus shares for every existing share held, adding further value for current shareholders. CEO and Managing Director Mohamed Shareef pointed directly to the bank’s financial strength as the driver behind the record distribution. “This is a testament to the strength of our business and the trust our customers place in us,” Shareef said.…

The Maldives has welcomed 601,707 tourists so far this year, according to figures released by the Ministry of Tourism. The tally marks a 6.5% increase over the same period last year. Air travel accounts for the overwhelming majority of arrivals at 595,405, with a further 6,302 arriving by sea. Monthly figures show strong momentum. January drew 227,403 visitors, followed by a busier February at 254,365. A further 119,939 tourists arrived in the first 23 days of this month alone. China leads all source markets with 90,189 arrivals. Russia ranks seconds at 72,934, followed by the United Kingdom at 56,593. Italy…

Economic Minister Mohamed Saeed says the government’s drive to broaden import sources for essential goods is producing results. He delivered the update at a press conference held at the President’s Office. The government has rolled out targeted measures to shield the Maldives from economic fallout stemming from the ongoing Middle East conflict. Direct cargo flights from the UAE have operated since March 4th, with volumes rising steadily. Sea freight imports, meanwhile, remains largely stable. The Minister confirmed active efforts to identify alternative suppliers beyond the country’s traditional import partners. Target markets include India, China, Thailand, Malaysia, Vietnam, and Indonesia. Beyond…