Author: Mohamed Reehaan

Bank of Maldives (BML) will be closed from December 31, 2023 to January 2, 2024. According to the national bank, the last day to get services from BML’s branches and services centers in 2023 is December 28. However, ATM and digital banking suite’s services (mobile and internet banking) would be available during the period, BML said. Customers would also be able to access the bank’s services through BML’s Contact Center.

The revenues collected to the Maldives government increased 10.5% in November 2023, reports the Maldives Inland Revenue Authority (MIRA). As per MIRA, the total revenue total in November stood at MVR 1.67 billion, out of which 69.32 million were collected in US Dollars. The increment in revenue of November 2023, is mainly due to the increment in the collection of TGST and GGST. Additionally, the collection of expatriate quota fee in this year, along with the dues collection of Tourism Land Rent led to the comparative increment of revenues in the review month compared to November 2022. The revenue collection…

The Maldives government has overdrawn MVR 8.2 billion in the last three years, according to Maldives Monetary Authority (MMA) data. According to the data, the number of “net claims” (another term for overdraw) in 2020 stood at MVR 6.1 billion, but by October 2023, the figured increased to MVR 14.3 billion. From 2020, the Maldives government set out a money-printing limit up to MVR 4.4 billion from the Public Bank Accounts (PBA). Withdrawals up to the limit by the end of this year has already been approved by the Maldives Parliament as well. Earlier in 2023, the Maldives government printed…

Bank of Maldives (BML) announced on Tuesday, December 19, a new promotion targeting its Mastercard holders. The national bank said customers with Mastercard can spend a minimum of MVR 500 each week to be eligible for a lucky draw during the promotional period. One lucky winner, each week, would be selected to win the latest iPhone 15 Pro. The promotion will run from December 19, 2023 to January 18, 2024; and is applicable for both Mastercard debit and credit card holders.

The Minister of Homeland Security, Ali Ihusan, has dimissed rumors of the Bangladeshi expatriate workers’ community in the Maldives exceeding legally allowed limit. Maldives government recently lifted ban on hiring Bangladeshi expatriates the Maldivian workforce after a four-year restriction period. A decision that has since attracted widespread criticism from the public and politicians. Former Minister of Economic Development Fayyaz Ismail said the reopening of borders for Bangladeshi workers was unlawful after their quota capacity has reached its limit. The former minister also highlighted the relevant Act which stipulates the maximum quota capacity of foreign expatriates allowed to the Maldives for…

Pulse Hotels & Resorts, a hospitality development company in the Maldives, is attempting to attract the GCC market by making appealing travel offers. As such, Pulse is offering a selection of distinctive and exclusive experiences tailored for avid travelers in the region. The experiences are available across the hospitality company’s luxurious resorts during the upcoming festive season. For the campaign, Pulse Hotels & Resorts is teaming up with DNATA, the hospitality group is introducing exclusive offers and a variety of experiences across its resorts that include; Kandima Maldives Nova Maldives The Nautilus Maldives At Kandima Maldives, the ‘Holoworld’ event is…

BeOnd announces schedule of operating its specially designed 44-seat A319-100 initially twice weekly from Male’ to Riyadh from November 9. Additionally, the airline would operate twice weekly from Munich from November 15, and twice weekly from Zurich from November 17. BeOnd will launch with the single aircraft but reports of its plans to induct an A321-200 over the upcoming Northern Hemisphere winter. The airline’s Chairman CEO Tero Taskila is confident of ticket sales, anticipating it would sell out quickly owing to limited capacity. “Luxury travel is the fastest growing travel segment in the world, and BeOnd is the world’s first…

Regional Airports Company Limited (RACL) has signed a Memorandum of Understanding (MoU) with the Kulhudhuffushi City Council towards seeking investors for a tourism zone development neighboring the Kulhudhuffushi Airport. The  MoU was signed during RACL Managing Director Ahmed Mubeen’s recent visit to Kulhudhuffushi City. RACL reports the agreement between the company and Kulhudhuffushi City Council was signed to enhance economic opportunities, since the mangrove neighboring the airport remains unattended and unutilized. The chalk-water mangrove in Kulhudhuffushi City is among the largest such mangroves in the country, which has been identified for its potential in becoming a venue of eco-tourism. RACL…

Maldives President Dr. Mohamed Muizzu officially inaugurates the Fushidhiggaru Falhu reclamation project; dubbed RasMale’. The reclamation project is managed by the Housing Development Corporation (HDC). President Muizzu said the project would be completed within eight months, and pledged 65,000 units of housing inclusive of flats and land plots. The initiative is one of the most important pledges of Dr. Muizzu during his presidential campaign. The project involves the reclamation of 1,280 hectares of land along with the allocation of 11,000 land plots and 26,000 flats from the area. The new island, built as an eco-city would be connected to the…

The government expenditure reaches MVR 42.3 billion by December 07, 2023, reports the Ministry of Finance. According to the ministry’s ‘Weekly Fiscal Developments’ update posted most recently, the cumulative revenues inclusive of foreign grants by the review date stood at MVR 30.8 billion. The overall balance for the period is a deficit of MVR 11.4 billion. Tax revenues reach MVR 22.4 billion by the review date, non-tax revenues stand at MVR 7.7 billion. Capital receipts is now at MVR 305.3 million, and grants at MVR 557.6 million. The recurrent expenditure is now at MVR 28.8 billion, and the capital expenditure…