Author: Mohamed Reehaan

President-elect’s Office has assured financial independency to government bodies under Dr. Mohamed Muizzu’s administration. The office earlier said that during its multiple visits to government agencies, it had discovered several discrepancies and areas that require improvement. During the press conference to provide details of the office’s findings, the transitional spokesperson Mohamed Firuzul highlighted issues of non-cooperation and lack of communication between government bodies. Firuzul also said the lack of cooperation among state bodies hindered the progress of government’s regular operations. He also pointed out to instances of state-owned enterprises (SOEs) challenging government bodies, and attempts to exert control over the…

The sale of cetirizine syrup for cold has been banned in the Maldives following discovery of harmful chemical substances in it. In a statement, the Maldives Food and Drug Authority (MFDA) said the World Health Organization (WHO) has issued an alert over the presence of said chemical substances in cetirizine such as diethylene glycol and ethylene glycol. The chemicals were discovered in the cetirizine batches since October 2022. While the Maldives is conducting random sampling and screening, it is not possible to conduct the test in the Maldives. The samples have been sent abroad for testing. So far in 2023,…

Anti-Corruption Commission (ACC) has ordered a halt on the current Maldives government’s issuance of 4,000 social housing units to the recently publicized recipients’ list. The commission earlier said it received multiple reports of misconduct, possible corruption, and favoritism to politically-affiliated individuals and close associates of top government officials in awarding points. The social housing initiative came into spotlight recently after Ministry of National Planning, Housing and Infrastructure (MNPHI) publicized the permanent list of tenants. Following this, several members of the public entered the MNPHI premises to raise their concerns. More than 20,000 people applied for the scheme out of which…

Fish per kilogram stood at MVR 25 towards to end of September 2023, and Maldives Industrial Fisheries Company (MIFCO) said that it intends to reassess the pricing. MIFCO Managing Director Ismail Fauzi disclosed the ongoing discussions with the Ministry of Finance and other relevant government bodies to reconsider fish price. He said that given the current market valuation, price should be at MVR 20 or even lower per kilogram. Fauzi further expressed concerns that failure to align the price with market conditions would pose challenges for MIFCO in adjusting operational expenses. “Meeting expenses has become increasingly challenging, with many outstanding…

Maldives has welcomed more than 1.5 million tourists by November 1, 2023. The total tourist arrivals from January 1 to November 1 stood at 1,525,332 which is a 13.0% increment compared to the same period last year. While on average the Maldives has welcomed more than 130,000 tourists every month from January to October, the lowest arrivals were observed in May and June at 120,959 and 120,363, respectively. The highest monthly arrivals were reported in February at 177,915 and in March at 173,915. Top 10 Markets 2023 Russia: 175,714 India: 164,990 China: 164,140 UK: 122,975 Germany: 108,002 Italy: 90,800 USA:…

The Maldives Monetary Authority (MMA) has signed the Participation Agreement of the IPS – Favara with two banks. The IPS – Favara, was developed under the Maldives Payment System Development (MPSD) project to facilitate fast, convenient and secure payment services in the Maldives. The central bank onboarded both Bank of Ceylon (BOC) and The Mauritius Commercial Bank (Maldives) Private Limited (MCB) for the online payment network. The agreement signed with the banks stipulates the rights and obligations of the system participants. Pilot testing of the newly onboarded banks will commence from November 8, 2023 onwards.

The rate of inflation, measured by the annual percentage change in the national Consumer Price Index (CPI) increased to 2.6% in September 2023, from 2.4% in August. The largest contribution to the annual rate of inflation during September came from restaurants and cafes, fruits, electricity, personal care appliances, articles and products, dairy products, outpatient care services, other food products, passenger transport by sea, and mobile communication services. The monthly percentage change in the national CPI picked up to 0.4% in the review month from 0.2% in August. The largest contribution to the monthly rate of inflation came from fruits, fish,…

Ooredoo Maldives has announced a new offer for SuperNet customers, granting them the chance to acquire the high-speed internet service with a deposit-free router for a limited time. According to Ooredoo Maldives, this limited-time offer for new SuperNet subscribers, or existing customers upgrading for the SuperNet plan, until December 31, 2023. Additionally, one lucky winner will get the chance to attend the live game of Paris-Saint Germain (PSG) against Leon at Parque des Princes stadium. The lucky winner will receive return tickets to Paris and two-nights stay a hotel. Both new and existing customers will be automatically enlisted in the…

Maldives government has generated a revenue of MVR 6.32 billion in Q3-2023, which is a 17.3% increment compared to the same quarter last year. Despite this improvement, the total revenue for the review quarter was still 1.0% lower than projections. During the quarter, increments were observed from Income Tax from companies and non-individuals, TGST, GGST, Tourism Land Rent, Individual Income Tax, and airport taxes and fees. On the other hand, Bank Income Tax and Non-resident Withholding Tax declined compared to the revenue collected in Q3-2022. Out of the total revenue collected to the state, MVR 5.33 billion came through taxes,…

S Hotels and Resorts PCL, the global hospitality company from Singha Estate PCL, has announced the official launch of SO/ Maldives at CROSSROADS Maldives; the third property on the integrated tourism property. The resort opened its doors to travelers on November 1, 2023. The retreat will complement the two popular five-star retreats and world-class facilities at the only multi-brand, fully integrated leisure destination in the Indian Ocean. SO/ Maldives is a USD 60 million joint venture project developed in partnership with Wai Eco World Development (WEWD). The resort is operated by Ennismore, a creative hospitality company with a global collective…