Parliament, on Thursday, has passed the foreign currency bill that provides the discretion to tourist establishments to exchange 20 percent of the monthly revenue if finances are low. The foreign currency bill gives tourist establishments choice between exchanging USD 500 per tourist as currently required or exchanging 20 percent of the monthly revenue. The government-backed […]
Read MoreThe Maldives, famous for its turquoise waters, luxurious overwater villas, and pristine white sandy beaches, remains a dream destination for countless travelers. However, if you’re planning a visit there soon, you may need to save up a little more. Due to recent changes made to multiple tourist taxes, the cost of visiting the South Asian […]
Read MorePresident Dr. Mohamed Muizzu said on Monday that giving resorts a choice between either exchanging USD 500 per tourist as currently required or exchanging 20 percent of the monthly revenue does not reflect a shift in his stand. The foreign exchange regulation that took effect on October 1 requires tourist establishments to exchange a fixed […]
Read MoreThe National Hotels and Guest House Association of Maldives (NHGAM), in partnership with the Maldives Marketing and Public Relations Corporation (MMPRC/Visit Maldives) and the Maldives Association of Travel Agents & Tour Operators (MATATO), is excited to announce the I AM Maldives Roadshow, set to take place from December 17th to 20th, 2024, in Tbilisi, Georgia, […]
Read MorePresident Dr. Mohamed Muizzu on Sunday named overcoming fiscal challenges and averting bankruptcy as the biggest accomplish during his first year in office, adding that his next mission is to bring development. Maldives has an external debt service obligation of about USD 600 million due in 2025, and more than USD 1 billion in 2026 […]
Read MoreMaldivian president Mohammed Muizzu started a five-day visit to India looking to reforge diplomatic ties and for economic support. The Maldives’ foreign exchange reserves have dropped drastically which puts the island country at risk of defaulting on its debt. However, the government has denied the possibility of a debt default and has refused to enter […]
Read MoreState water company, Male’ Water and Sewerage Company (MWSC) has announced the sale of a MVR 400 million bond. First National Finance Corporation which undertook efforts to issue the bond to the capital market, said it will be sold in two tranches. MWSC has opened the opportunity to invest in an MVR 200 million bond […]
Read MoreA total of 1,000 tons worth of goods have been transported via the sea-to-air service provided at the Velana International Airport (VIA). The Maldives Airports Company Limited (MACL), which operates the airport, confirmed that with Virgin Atlantic signing up for the service on Monday, VIA will be extending the seat-to-air service to a total of […]
Read MoreThe Maldives Monetary Authority (MMA) has reported that a total of 98 parties have submitted for money exchange license under the newly enacted Foreign Exchange Regulation, while 163 of the previously issued licenses have been cancelled. Under the “Foreign Exchange Regulation” two tiers of licenses are issued, which include ‘Tier 1’ and ‘Tier 2’ money […]
Read MoreThe statistics from the Ministry of Finance has revealed that half of the projected MVR 1.27 billion in grants was not received to the Maldives government this year. The ministry shared its Weekly Fiscal Developments as of November 21st, which provides insight of the government’s cumulative expenditure and revenues. According to the statistics for the […]
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