Central Bank Assets Increase by Nearly MVR 900M in April
The Maldives Monetary Authority’s (MMA) Statement of Financial Position for April 2025 reveals a monthly increase in total assets, which rose to MVR 30.97 billion, up from MVR 30.09 billion in March. This growth is largely attributable to a notable rise in foreign currency financial assets and inventory holdings.
Foreign currency assets...
New Direct Flight from Hanimaadhoo to Bangalore to Begin on 15th May
National airline Maldivian will commence a new direct route between Hanimaadhoo and Bangalore on 15th May 2025, introducing a more accessible travel option for residents of the northern atolls.
The new route aims to offer greater convenience for travellers who have historically had to transit through Male’ or other points to reach...
April Revenue Hits MVR 2.6 Billion, Led by GST and Green Tax
Government revenue collection for April 2025 reached MVR 2.60 billion, reflecting a notable 22.7 percent increase compared to April 2024, driven primarily by higher taxes from the tourism sector and revised green tax and airport fees.
The Maldives Inland Revenue Authority (MIRA) reported that USD collections for the month stood at 125.09...
STO Partners with India’s HLL Lifecare to Address Medicine Shortages in Maldives
The State Trading Organisation (STO) has signed an agreement with HLL Lifecare Ltd, a government-owned company in India, to improve the availability of essential medicines in the Maldives.
The country has faced ongoing difficulties in maintaining a consistent supply of certain critical drugs, which has affected healthcare services. The new agreement is...
Dhiraagu Honours Staff Contributions at Annual Awards Night
Dhiraagu has celebrated the efforts of its employees at its annual awards ceremony, held this year at Crossroads Maldives. The event recognised long-serving staff and individuals who demonstrated exceptional commitment and innovation throughout 2024.
A total of 96 employees were honoured, including 53 staff members recognised for their years of service, marking...
Maldives Launches ‘Maldives 2.0’ to Drive Nationwide Digital Transformation
The Maldivian government has launched a new digital initiative, ‘Maldives 2.0’, which aims to overhaul the country’s public service delivery and governance through a comprehensive digital transformation. The plan was officially inaugurated at the Maldives 2.0 Digital Transformation Summit held in Malé on 9th May.
Designed to be implemented over the next...
Tourism Carried the Economy. Again.
The Maldives Monetary Authority’s recently released Annual Report for 2024 paints a deceptively upbeat picture. At first glance, the 5.1% expansion in real GDP might suggest a broad-based economic recovery. Growth has edged up from the 4.7% seen in 2023, and compared to some regional economies, that’s no small feat.
But dig...
Resort Teams to Face Off in First-Ever Ooredoo Nation Inter-Resort eSports Championship
Ooredoo Maldives is bringing competitive gaming to the island workforce with the launch of the inaugural Ooredoo Nation Inter-Resort eSports Championship 2025, which kicks off this weekend. Scheduled for Friday, 9th May and Saturday, 10th May, the two-day event marks the first time resort teams in the Maldives will compete in an esports tournament of this...
Is the Maldives’ Fiscal Surplus a Sign of Discipline or Delay?
The Ministry of Finance reported a primary surplus of MVR 3.2 billion for the first four months of 2025, a figure that on the surface signals strong fiscal health. Yet, beneath the surplus lies a troubling picture of under-disbursement and stalled public sector investments, raising questions over whether the government is demonstrating fiscal discipline or simply...
MVR 15.9 Million Issued in Agriculture Loans Under Government Scheme
The Ministry of Agriculture and Animal Welfare has revealed that a total of MVR 15.9 million has been disbursed in agricultural loans through the 'Dhan’duveri Nafaa' loan scheme since its launch in 2019.
Run in partnership with the SME Development Finance Corporation (SDFC), the programme offers financing for modern farming projects aimed...
Maldives and Japan Sign Defence Agreement to Boost Maritime Security
Japan has committed to enhancing maritime security in the Maldives through the provision of two harbour crafts to the Maldives National Defence Force (MNDF) Coast Guard, following the signing of an Exchange of Notes between the two governments.
The agreement was formalised in a ceremony attended by senior officials from both nations,...
Parliamentary Committee Backs Asna Hamdi for Deputy Governor Role at MMA
The Parliamentary Public Accounts Committee has recommended the appointment of Aishath Asna Hamdi as the new Deputy Governor of the Maldives Monetary Authority (MMA), following a review of her qualifications and experience.
Her nomination was submitted to Parliament by President Dr Mohamed Muizzu after the resignation of former deputy governor Ahmed Imad...
Maldives Launches MVR 250M Islamic Social Finance Initiative
A new social financing initiative focused on expanding Islamic Finance and addressing community needs was officially launched in the Maldives on Wednesday. The Maldives Islamic Social Financing Initiative (MIFSI) brings together key players in the financial sector, including the Maldives Monetary Authority (MMA), BML Islamic, and Maldives Islamic Bank (MIB), to deliver a total of MVR...
Derosion Boat: Taiwan Innovation Tackles Shoreline Erosion with Floating Tech
As climate change intensifies and sea levels continue to rise, coastal erosion is becoming an increasingly urgent global concern. In response, Taiwan-based ReShore Technologies has developed an unconventional but promising solution: the Derosion Boat, a floating system designed to restore and protect eroding shorelines by working with, not against, the ocean.
Founded in 2000...
Maldives Signs MoU with UN University for Peace to Strengthen Diplomatic Training
The Foreign Service Institute of the Maldives (FOSIM) has signed a Memorandum of Understanding (MoU) with the UN University for Peace (UPEACE), aimed at enhancing the training and development of Maldivian foreign service officers and government officials working in international relations.
The agreement was signed during a ceremony held in Geneva, Switzerland....
Maldives Moves to Repeal and Replace 27-Year-Old Civil Aviation Act
A new bill proposing sweeping reforms to modernise the Maldives' aviation sector has been submitted to Parliament, with the aim of replacing the existing Civil Aviation Act enacted in 2001. The proposed legislation is intended to align the country's civil aviation laws with international standards and introduce a more structured approach to airport development and air...
Gov’t Seeks Consultants for Master Plan of Malé Center Point
The Ministry of Finance and Planning, on behalf of the Ministry of Construction, Housing and Infrastructure, has issued a request for expressions of interest (EOI) from qualified firms to provide design consultancy services for the proposed Malé Center Point (MCP) development project.
According to the public notice released on 6th May 2025,...
Maldives’ Broad Money Shrinks Slightly in 2024 as Bank Deposits Shift
The total money circulating in the Maldivian economy saw a small decline in 2024, according to recent figures. At the end of the year, broad money stood at MVR 59.2 billion, a slight drop from MVR 59.24 billion the previous year.
Broad money is a measure of the total amount of money...
Ooredoo Maldives and MMPRC Partner to Promote Maldives to 147 Million Global Customers
Ooredoo Maldives has entered into a strategic partnership with the Maldives Marketing and Public Relations Corporation (MMPRC) to promote the Maldives as a leading global travel destination. The agreement, signed on 6th May 2025 at Ooredoo Maldives Headquarters in Hulhumalé, aims to amplify the reach of the "Visit Maldives" brand through Ooredoo’s international network.
Vice President Urges Ethical Overhaul in Maldives’ Tourism Industry
Vice President Uz Hussain Mohamed Latheef said last night at the opening ceremony of the International Forum on Integrity that developing systems that protect whistleblowers, empower those who speak out, should be the standard practice in building a moral and ethical tourism industry. The ceremony was held at Villa Nautica.
Speaking at this ceremony,...
MMA Annual Report: Maldives Trade Shaped by Rising Imports and Evolving Export Structure
The Maldives Monetary Authority’s 2024 Annual Report highlights a year of notable shifts in the country’s trade structure, highlighting evolving consumption patterns, the growing role of re-exports, and continued reliance on imports for essential goods and capital inputs. While total trade volumes rose, the report draws particular attention to sharp declines in fish exports and a...
April 2025 Sees Strongest Tourism Growth in Three Years
Tourist arrivals to the Maldives saw a significant boost in April 2025, making it the most successful April in recent years. According to the latest figures from the Ministry of Tourism, 198,322 visitors arrived during the month, marking a 17.8% increase compared to April 2024 and the highest April tally on record.
UAE-Backed MIFC Project Breaks Ground in Maldives
The Maldives officially broke ground on the Maldives International Financial Centre (MIFC), a USD 8.8 billion project aimed at reshaping the nation’s economy and expanding its role in the global financial landscape.
The agreement for the joint venture between the Maldivian government and Dubai-based MBS Global Investments was signed on Sunday evening,...
UAE to Support Maldives in Credit Rating, Food Security, and Infrastructure Development
In a meeting held at the President’s Office, President Dr Mohamed Muizzu welcomed His Highness Sheikh Abdulla Bin Rashid Al Mualla, Deputy Ruler of Umm Al Quwain, United Arab Emirates, during a courtesy call aimed at deepening bilateral ties.
President Muizzu expressed his appreciation for the recent agreement concerning the Maldives International...
LATEST ARTICLES
Central Bank Assets Increase by Nearly MVR 900M in April
The Maldives Monetary Authority’s (MMA) Statement of Financial Position for April 2025 reveals a monthly increase in total assets, which rose...
New Direct Flight from Hanimaadhoo to Bangalore to Begin on 15th May
National airline Maldivian will commence a new direct route between Hanimaadhoo and Bangalore on 15th May 2025, introducing a more accessible...
April Revenue Hits MVR 2.6 Billion, Led by GST and Green Tax
Government revenue collection for April 2025 reached MVR 2.60 billion, reflecting a notable 22.7 percent increase compared to April 2024, driven...
STO Partners with India’s HLL Lifecare to Address Medicine Shortages in Maldives
The State Trading Organisation (STO) has signed an agreement with HLL Lifecare Ltd, a government-owned company in India, to improve the...
Dhiraagu Honours Staff Contributions at Annual Awards Night
Dhiraagu has celebrated the efforts of its employees at its annual awards ceremony, held this year at Crossroads Maldives. The event...
