Author: Mohamed Reehaan
The Bank of Maldives (BML) on Sunday has announced positive changes to the Kids’ Saver accounts with increased profit rate. According to the bank, it has increased the rate of Kids’ Saver account profit by 3% on MVR accounts and 3.5% on USD accounts. The bank also announced a new promotion to offer fantastic prizes for both existing and new Kids’ Saver accounts, which include: Grand Prize for 5 lucky winners: MVR 10,000 each Annual Rewards: MVR 2,500 for 20 active accounts Speaking about this change, BML’s CEO and in-charge Aishath Noordeen said, “With our enhanced rates and exciting rewards,…
The national carrier, Maldivian, has resumed its direct flights to Shaviyani atoll Funadhoo after initially deciding to discontinue operations. Maldivian confirmed this in a post on X on Thursday evening, confirming the airline has begun direct flights to the airport. The airline had thanked its customers for their support amid the discontinued period, and announced those who wish to book flights to the route can do so by contacting 1671 or via email. Maldivian first announced its decision to discontinue flights to Funadhoo citing technical issues at the airport, earlier on Thursday morning. The airline said Kooddoo airport’s runway had…
The Maldives Marketing and Public Relations Corporation (MMPRC/Visit Maldives) is promoting the Maldives at the TTG Travel Experience 2024, taking place from October 9 to 11, 2024 in Rimini, Italy. MMPRC is joined by 64 representatives from 25 companies, that are actively promoting the Maldives as a leading travel destination. TTG Travel Experience gathers international operators and key industry players, including tourism boards, tour operators, travel agents, airlines, and accommodation providers. MMPRC is engaging directly with the stakeholders, including travel agents, tour operators, and media representatives to enhance destination awareness.
The Maldives government has earned a revenue of MVR 2.30 billion in September 2024, which is a 93.1% increase compared to the same month last year. According to Maldives Inland Revenue Authority (MIRA), this revenue increment was due to the increase in the receipt of GGST, TGST and Tourism Land Rent, and due to the receipt of Lease Period Extension Fee and Land Acquisition and Conversion Fee. MIRA also reports that the revenue posted for September 2024 is a 28.7% increment from initial project, on the back of higher-than-projected earnings; mainly because of the receipt of Lease Period Extension Fee…
Fenaka Corporation, state-owned utility provider besides STELCO, has sought the assistance of the Anti-Corruption Commission (ACC) to improve the company’s operations. Fenaka confirmed this via X (formerly Twitter), noting that it had actively engaged with ACC to explore strategies on improving the company’s various processes. It added remaining committed to maintaining “highest standards of integrity and professionalism in every aspect of” its operations. An official of Fenaka was quoted by local media Sun, that the discussions with ACC were initiated seeking the commission’s expertise to further improve the utility provider’s functions, and added the commission was the most suited in…
The Nautilus Maldives has been recognized among the top five resorts in the Indian Ocean in the 2024 Condé Nast Traveler Readers’ Choice Awards. The property is the only Maldivian resort offering a unique private island experience without requiring an exclusive buyout. “We are honoured by this recognition from Condé Nast Traveler’s readers,” said Pietro Addis, General Manager of The Nautilus Maldives. “This achievement reflects the unwavering dedication of our team, as well as the trust and loyalty of our guests who appreciate The Nautilus’s distinct vision that ultra-luxury should be free from any form of restriction – particularly time…
Patina Maldives, Fari Islands has announced three exclusive live performances by Café Del Mundo, the renowned global guitar duo, on October 28th and 30th and on November 01st, 2024. Café Del Mundo – featuring Jan Pascal and Alexander Kilian – known for their fusion of flamenco, classical, jazz and modern-pop will bring their unique sound to the Maldives. The two, for their unique artistic flair in contemporary music, have received standing ovations by thousands of concertgoers and millions of online fans rejoice their work consistently. The two boasts an impressive career having performed with the Royal PhilharmocOrchestra while they have…
The Maldives official reserves declined by USD 72 million in September 2024 compared to the preceding month, according to statistical updates from the Maldives Monetary Authority (MMA). As per data from the central bank, publicized on its website, the Maldives had USD 443.88 million in its official reserves at the end of August this year, which is an increment of USD 48.45 million compared to the end of July 2024. However, the reserve amount dropped to USD 371.22 million as of September 24, 2024. Although the usable reserve saw an increment of USD 61 million in August, this too, dropped…
The Ministry of Economic Development and Trade on Monday highlighted Bank of Maldives’ (BML) acceptance of RuPay payment option a significant milestone. The ministry in its statement said that this marks a major step towards financial integration and the modernization of payment systems in the Maldives – which was conducted in the presence of President Dr. Mohamed Muizzu and Indian Prime Minister Narendra Modi in New Delhi. “This landmark initiative is expected to significantly enhance digital transaction capabilities between the two nations, streamlining financial operations and fostering stronger economic ties.” The ministry further emphasized that the introduction of the RuPay…
The Maldives and India have signed a USD 400 million and INR 30 billion currency swap agreement. The agreement was signed between the Maldives Monetary Authority (MMA) and the Reserve Bank of India (RBI) on Monday afternoon, following the bilateral talks in New Delhi between Maldives President Dr. Mohamed Muizzu and Indian Prime Minister Narendra Modi. Under the agreement, the Maldives central bank is allowed to draw a swap facility under two windows: USD or EUR window and INR window respectively, against the Maldivian currency; Rufiyaa (MVR). The facility also allows MMA to make multiple draws, up to a maximum…