The central banks of Maldives and India signed a currency swap agreement under the SAARC Currency Swap Framework.
“This swap facility will allow the MMA to make multiple drawals up to a maximum limit of US$200 million from the [Reserve Bank of India], as a backstop line of funding for short term foreign exchange liquidity requirements,” according to the Maldives Monetary Authority.
The swap comes amid concern as foreign currency reserves fell to US$102 million in November, which was only enough to import food and other essential goods for 45 days.
The State Trading Organisation recognised exemplary employees with the first ‘STO Staff Awards 2022.’
The tax authority collected MVR1.5 billion (US$97.2 million) in November, up 20% from the same period last year.
Tax revenue was higher “due to the increment in collection of Lease Period Extension Fee, Income Tax, Airport Development Fee, Departure Tax, TGST and Green Tax,” the Maldives Inland Revenue Authority explained.
“With the change in the tax rate based on flying class and due to the increment in tourist arrivals of October 2022 compared to the corresponding month of 2021 by 8.2%, airport taxes and fees collection has increased.”
The Lease Period Extension Fee was not anticipated as it was up to the discretion of resort operators to extend their leases.
The state-owned Maldives Transport and Contracting Company was contracted to carry out phase two of Maafaru airport development and expansion. The US$27 million project is to be completed in one year.
The infrastructure ministry signed financing agreements with two companies to build new domestic airports. The projects were awarded to Angiri Resort Management and Operations and the India-based Rank Projects and Development under a cross-subsidisation policy, which offers islands, land or lagoons in exchange for investment in new airports.
The bid announcement was made for the third time in August following revisions to cross-subsidy regulations. The minimum financing amount was reduced from US$5 million in the first announcement to US$3 million.
Financing agreements were previously signed with local companies Muni Enterprises and Dhekuni Dhuni after a dozen contractor financing proposals were submitted.
New airports are to be developed on Haa Dhaal Makunudhoo, Shaviyani Bilehfahi, Baa Thulhaadhoo, Thaa Vilufushi, Faafu Magoodhoo and a location to be decided upon in south Raa Atoll.
Local real estate company Damas unveiled plans to develop the country’s first ever parkade in Hulhumalé. The ‘One Park’ seven-storey, 500 parking lot complex will have rooftop solar, electric vehicle charging stations and “state-of-the-art security features” as well as retail spaces and a food court, according to Damas.
The new facility will considerably alleviate parking space constraints in the congested capital, State Minister Akram Kamalludin said at the agreement signing ceremony.
Tourist arrivals reached 1.5 million by the first week of December, a whopping 28% increase from last year and only -2.3% below the pre-pandemic period in 2019.
The tourism minister is confident that the Maldives is on course to meet the government’s arrival target of 1.6 million visitors for 2022.
On Sunday, a cruise liner brought tourists to the country for the first time since the pandemic. A dozen more ships are scheduled to arrive in the near future.
With new arrival records in May and October, the tourism industry continues its robust recovery despite the impact of Russia’s invasion of Ukraine – which caused arrivals to plummet from the top markets – and the complete absence of Chinese holidaymakers, who accounted for the largest source market before the pandemic.
India remains the top market this year with 216,387 tourists as of 7 December, followed by Russia, UK, Germany and Italy. There are 167 resorts, 158 safari vessels and 876 hotels and guesthouses in operation across the country with a combined bed capacity of 59,491.
The Maldives Industrial Fisheries Company (MIFCO) purchased three new collector vessels, boosting its storage and buying capacity. The new refrigerated cargo ships are expected to arrive after registration processes, according to state media.
On Wednesday, MIFCO signed an agreement with the Gadhdhoo council to double the processing capacity of the island’s ice plant to 100-tonne cold storage.
During bountiful fishing seasons in the southern atolls this year, fish catch exceeded MIFCO’s freezing and storage capacity, prompting protests from fishers.
The Maldives Post announced a World Cup promotion for customers of its eTukuri online shopping platform, offering a gift pack of US$1,000 that includes original jerseys of Argentina, Spain, Germany, and Belgium as well as three authentic Adidas ‘al Riha’ balls developed for the tournament in Qatar.
Customers who purchase any item from the local eTukuri shop or order for international shipping until 18 December will be eligible for a lucky draw. Customers should also follow eTukuri on Instagram and like and share their post on a story.
The eTukuri service allows registered users to order from international sellers such as Amazon or Apple in America.
The post office also announced an extension of service hours at the Velaanage PikPost station in Malé until 10pm on weekdays.
A two-day forum on sustainable tourism concluded in Malé.
The forum “sought to gain insight into the tourism sector’s stakeholders’ understanding of sustainability, and how they practice it,” according to the organiser International Maldives Travel Market. “The primary objective of the STF was to identify and develop a criterion for sustainable tourism establishments in the Maldives. A policy paper on the findings and recommendations from the forum will be published early next year with the hopes of strengthening sustainability in the Maldives. This paper will be presented to government offices, NGOs, associations, and other tourism related establishments.”
The Bakhira fishing boat from Faresmaathoda broke the record for highest catch weighed in a single day with 58.6 tonnes, earning an income of nearly MVR1 million (US$64,850).
