Author: Mohamed Reehaan
Bank of Maldives (BML) on Wednesday announced it has increased the monthly foreign transaction limit for debit cards for students abroad, to USD 1,200. According to the national bank, this limit increment, which would become available in the countries of the residence of these students, will be effective from November 1, 2024. “While there continues to be challenges with USD availability, we also recognize the difficulties faced by students abroad,” said Mohamed Shareef, the first-ever Maldivian CEO of the bank said. “Today’s announcement reflects our commitment to prioritize and support their everyday financial needs while overseas.”
Ifuru Island Maldives has announced the launch of the second season for the first skydiving drop zone in the Maldives. This experience offers an exhilarating adventure for thrill-seekers and tourists. In a groundbreaking joint venture with Skydive Wasaga Beach and Skydive Maldives, the program is expected to kick off in December 2024 and will be available year-round. Leading the program is the highly accomplished Leslie Farkas, who brings over 15 years of expertise in the sport and has, to date, completed over 6,000 jumps with more than 5,000 of those being tandem experiences. Leslie holds multiple instructional ratings, including Coach…
The Maldives Transport and Contracting Company (MTCC) on Sunday announced the successful conclusion of the beach clean-up event held last Friday, October 18, 2024. Dubbed the Suzuki Beach Clean Up, was held at Hulhumale’ Phase II, with MTCC confirming the clearance of 426 kilograms of waste material from the area’s beach. MTCC extended its gratitude to the company’s Managing Director, DCP (retired) Ahmed Saudee, along with the NGOs Save the Beach and Hulhumale’ Masveringe Jamiyya for their collaboration. Besides this, MTCC also thanked the Housing Development Corporation (HDC) and the Waste Management Corporation (WAMCO) for their support as well. Noting…
Bank of Maldives (BML) on Tuesday has opened application for its Scholarship Fund aimed at developing young Maldivians in banking and financing industry. This is the third consecutive year of the scholarship that offers the opportunity to pursue an undergraduate program in a banking and finance related area including accounting, financial technology (FinTech), financial engineering, risk management, or financial reporting and analytics. As part of the program, three students will be selected for this year’s Scholarship Fund, with BML set to cover tuition fees along with a monthly stipend, visa fees, book and establishment allowance. BML will also sponsor the…
Ooredoo Maldives has donated specialized medical equipment worth MVR 16 million to improve the air ambulance service. This donation is part of Ooredoo Maldives’ corporate social responsibility (CSR) initiative, with a core pillar of the company being healthcare. The air ambulance service that commenced on March 1, 2024 has been an instrumental new service in the Maldivian health sector, contributing to a total of 436 cases and transporting 517 patients. While Ooredoo Maldives had provided an initial batch of equipment earlier in March, this new batch of specialized equipment is aimed at further enhancing the capacity of the ambulance service.…
The Maldives Monetary Authority (MMA) on Sunday has granted the operating license to the Development Bank of Maldives (DBM). The license was handed over by Maldives governor Ahmed Munawar, which was received by the Minister of Economic Development Mohamed Saeed during a ceremony on Sunday. The minister, via microblogging social platform X, said the awarding of the license is a significant and historic milestone for the Maldives as envisioned by the President Dr. Mohamed Muizzu, in his manifesto and economic development plan. The central bank, in a statement expressed belief that the commencement of DBM services will enhance the introduction…
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…