Author: Mohamed Reehaan

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…

State Electric Company (STELCO) opens childcare facility for the benefit and relief of its employees. The facility was officially inaugurated on Wednesday, 09th November, by the utility provider’s Chairman and former MNDF Brigadier General Ibrahim Mohamed Didi. Dubbed “STELCO Childcare Center”, the facility is applicable for children aged between 5 to 10. Meanwhile, the utility provider confirms more than 40 children have already been registered. The facility was created under STELCO’s aim to provide a productive environment for children while their parents worked. Additionally, the center aims to benefit the employees and reduce their stress tied to constant worries over…

A garage in Male’ City was extensively damaged on Thursday early hours, 10th November after a fire erupted in the building. While authorities are currently investigating the cause of the blaze and assessing damage, the owner of the garage confirmed his business was severely affected. “The goods inside the garage will be close to MVR800,000 in value, that is nearly eight years of my work,” the owner confirmed. Additionally, he attests two pickup trucks were inside the establishment at the time of incident. The vehicles have been destroyed beyond repair, confirmed the owner.

MMPRC has hosted the “Maldives Media Meet” at the sidelines of World Travel Market (WTM) London 2022. At the event, a panel of speakers addressed on 50 years of Maldives tourism. The meet was hosted at ExCel London on Tuesday, 08th November 2022. The Maldives Media Meet was led by the Chief Executive Officer and Managing Director (CEO & MD) of MMPRC, Mr Thoyyib Mohamed, joined by; Maldives Tourism Industry Pioneer, Mr Hussain Afeef; the High Commissioner to the United Kingdom, Great Britain, and Ireland, H.E Dr Farah Faizal; and the Minister of Tourism of Maldives, H.E Dr Abdulla Mausoom.…

The former Maldives President, and current Parliament Speaker Mohamed Nasheed said debt restructuring will help pay for climate crisis. While speaking to NowThisEarth at the sidelines of COP27, coming under the United Nations Climate Change Conference, the ex-President said that small island nations like the Maldives should be relieved of their debts to allow them to sustain losses and damages caused by the climate crisis. Twenty climate-vulnerable countries have USD2 trillion of payment to be made within the next two to three years, Nasheed said. He added that most of these nations do not possess the economic stability or wealth…

Maldives Islamic Bank (MIB) announces appointment of the bank’s new Chairman and Chief Executive Officer (CEO). The bank has appointed Kazi Abu Muhammad Majedur Rahman for the Chairman’s post and subsequently appointed Mufaddal Idris Khumri as MIB’s new CEO. Rahman is replacing Najmul Hassan, who has served as the bank’s Chairman since 2012. MIB confirmed the succession concluded the term of Hassan, who served as both Chairman and a non-executive director of the board. Rahman has served the bank, in the capacity of a board member since October 2021. He will continue to serve has an Independent Director of the…

According Maldives Monetary Authority (MMA) statistics, tuna exports from Maldives increased when compared with 2021. Maldives central bank confirms the country exported 64,375.1 metric tons of tuna by end of September 2022. By the same period last year, Maldives exported 55,831.5 metric tons of tuna, indicating a 13.3%. Fish exports rose during the period owing to the increase in exports of fresh and frozen skipjack and yellowfin tuna. As of September 2022, Maldives exported 38,811.1 metric tons of skipjack tuna. By the same period last year, 36,388.8 metric tons of skipjack tuna were exported – which is a 6.2% increment.…