Author: Mohamed Reehaan

Bank of Maldives (BML) on Wednesday, 23rd November 2022, announced it will be imposing value ceilings for check transactions. A statement from BML read the value ceiling will be introduced effective from 01st April 2023. The decision is aligned with Maldives Monetary Authority’s (MMA) strategic move to promote electronic payment options, and increase payment efficacy. Moreover, the national bank of the country said it will only process checks up to the value of MVR50,000 or USD3,000 from the effective date. Customers will be required to opt for digital options provided by BML if the transaction values exceed the limit. This…

Maldives Marketing and Public Relations Corporation (MMPRC) has begun a webinar series for the Eastern European travel trades, entitled “Connect with Maldives”. MMPRC reports a total of two webinars will be conducted, targeting Hungary, the Czech Republic, Slovakia, Poland, Romania and Bulgaria. The first of the webinar series was held for Czech Republic, Slovakia, Hungary and Poland on 22nd November 2022, Tuesday. The second webinar will be held on 13th December 2022, targeting Romanian and Bulgarian travel trade businesses. MMPRC said the purpose of the webinars is to “update the Eastern European travel with the latest information and travel guidelines…

The Non-Resident Ambassador of Algeria to Maldives, Mr. Abderrahmane Bengurrah and the Ambassador of Netherlands to Maldives Ms. Bonnie Horbach have presented their credentials to Maldives President Ibrahim Mohamed Solih. President Solih welcomed the Ambassadors to the Maldives. He congratulated Mr. Bengurrah on his new appointment, and notes that Algeria and Maldives are “deeply rooted in the Islamic faith and share common cultural values”. Moreover, President Solih also shared the country’s commitment to enhancing bilateral and multilateral engagements. Ambassador Bengurrah stressed on the “historic friendship and good relations between the two nations”, while he highlighted areas of mutual interest and…

State expenditure has reached MVR32,231.0 million (MVR32.2 billion) as of 17th November 2022. The approved expenditure for the fiscal year is MVR34,101.8 million (MVR34.1 billion). On the other hand, state revenues inclusive of grants reached MVR23,695.8 million (MVR23.7 billion). The project revenue total, inclusive of grants for the year is MVR24,279.9 million (MVR24.3 billion). Expenditure composition so far in 2022 indicates 74% of the total has been spent on recurrent expenses, remaining 26% on capital expenses. Meanwhile, 72% of the revenue composition indicates, came from tax sources. The remaining 28% came from non-tax sources. The overall balance for the period…

Maldives President Ibrahim Mohamed Solih on Tuesday, 22nd November, ratified the sixth amendment bill to the Goods and Services Tax (GST) Act (Law No: 10/2011). Earlier, Maldives parliament passed the bill at the 39th sitting of the third session, held on Wednesday, 16th November 2022. This amendment, now a contested one, seeks to increase state earnings. State decided the tax hike to reduce recurrent expenditures, in light of unstable global economic conditions. Following the ratification of the sixth amendment to the GST Act, Goods and Services and Tax (GGST) will increase from 6 to 8% and Tourism Goods and Services…

LG Display unveiled their ground-breaking new “invisible” speaker technology, catered specifically for automobiles. The new speaker technology incorporate flat panel system, easily placed in headrests and car dashboards. The Thin Actuator Sound Solution system “does away with the regular protruding voice coils, cones and magnets found in most speakers” and replaces them with film-like exciter membrane. LG notes that these can vibrate off panels and other materials within the car interior. The company claims this new system can produce “rich, 3D immersive sound experience”. The panels measure 5.9 x 3.5 inches, is just a tenth of an inch thick, with…

Maldives Ports Limited (MPL) has launched a simulator for its Rubber-Tire Gentry (RTG) cranes. The simulator mirrors the actual operations of the RTG crane, which the users can experience without actually having to operate the actual one. This simulator comes as the perfect training experience for crane operators and other MPL employees wishing to improve their technical skills. MPL confirms the simulator was designed and developed by their Tech and Digital Services Department along with its Engineering Department. The simulator was launched at the National Career and Skills Expo, ongoing at Hulhumale’ Central Park.

A delegation from the Coastal Mechanized Sail Vessel Association from India is in talks with the Maldivian government, to strengthen commercial ties between the countries. According to Maldives Ports Limited (MPL), the association from Tuticorin, has met with relevant Maldivian bodies to discuss on ways to improve business between the island nation and Tuticorin’s harbor. The delegation will be in Maldives until Wednesday, 23rd November 2022, for talks. They also visited the Male’ Commercial Harbor, and met with department heads and seniors of MPL. The members currently visiting Maldives are expected to visit the two major regional ports; HDh. Kulhudhuffushi…

The High Commissioner of Sri Lanka to the Maldives Adam Maznavee Jaufer Sadiq paid a courtesy call on Monday, 21st November, to Maldives Vice President Faisal Naseem. The meeting was held at the President’s Office. Speaking at the meeting, Maldives Vice President made emphasis on the strong relations between the countries, while thanking Sri Lankan government for continuous support for the Maldives. Naseem also emphasized the strong bonds between the people of Maldives Sri Lanka. The two also spoke about the ways to further expand relations between the two nations, specifically in trade and investment. Maldives VP also expressed hope…

Coca-Cola wraps up the “Uncap. Believe. Fly. Promotion” rewarding fans ahead of the FIFA World Cup Qatar 2022. The promotion ran from 01st September to 31st October 2022. Daily and weekly winners of the promotion were announced on Television Maldives (TVM) on every Saturday, during the promotion period. From the promotion, a total of 08 fans received an all-expense paid couples trip to watch the FIFA World Cup game live in Qatar with a plus one. Another 08 fans won the Al-Rihla FIFA Official Match balls. Additional 08 winners won gaming consoles together with FIFA ’22 game bundles. Daily winners…