Maldives News Bulletin - Volume 169

The President inaugurates the ‘Nasruge Dhuvahuge Sifainge Maurazu 2024’

President Dr Mohamed Muizzu inaugurated the ‘Nasruge Dhuvahuge Sifainge Maurazu 2024’ at a special ceremony held on Sunday morning at the National Art Gallery.

Following the inauguration, the President toured the exhibition.

The exhibition showcases the damage caused by the terrorist attack on November 3, 1988 and highlights the bravery displayed by the armed forces in achieving victory that day. One of the main objectives of the exhibition is to educate the current generation about Victory Day. It features over 200 displays, and unlike previous years, it includes, alongside photographs, original weapons and items used during Victory Day for public viewing.

The exhibition will take place at the National Art Gallery from November 3 to 9. It will be open for public viewing from 9 AM to 12 PM, from 2 PM to 6 PM, and from 8 PM to 10 PM.

First Lady Madam Sajida Mohamed and Vice President Uz Hussein Mohamed Latheef, along with senior military officials, Cabinet ministers, and senior Government officials, also attended the inauguration ceremony.

This year’s Victory Day celebrations began with Fajr prayers held in congregation. Subsequently, the President and First Lady attended the flag and guard mounting ceremony at the Victory Day Monument.

SOURCE : The President’s Office

Maldivian army is ready to defend the nation: Defence Minister

Minister of Defence Mohamed Ghassan Maumoon emphasised that the Maldivian armed forces, under President Dr Mohamed Muizzu’s leadership, are now ready to demonstrate their readiness to defend the nation.

The Minister expressed gratitude to President Dr Muizzu for his role in restoring national-level Victory Day celebrations after a 15-year pause.

During his speech, Minister Ghassan reflected on the attack of 3 November 1988, describing it as a critical reminder for the Maldives to prioritise military preparedness. While acknowledging that focus on military development had diminished over the past two decades, he highlighted those renewed efforts to strengthen the military had begun on 17 November 2023.

Minister Ghassan also honoured the legacy of Hussain Adam, a martyr of 3 November, and reaffirmed that Maldivian soldiers remain unwavering in their dedication to upholding the nation’s independence and sovereignty.

SOURCE : PSM

The President and First Lady observe military display activities

The President of the Maldives and Commander-in-Chief of the Armed Forces, Dr Mohamed Muizzu, and First Lady Madam Sajida Mohamed observed the military display activities conducted by the Maldives National Defence Force (MNDF) at the Republic Square to mark the Maldives Victory Day.

Upon their arrival at the Republic Square this evening, the President and First Lady were received by Minister of Defence Mohamed Ghassan Maumoon and Chief of Defence Force Major General Ibrahim Hilmy.

The ceremony began with the Maldives military presenting a military salute to President Dr Muizzu, followed by a video presentation showcasing the military’s past and present conditions.

The main military display then commenced, featuring demonstrations of MNDF Special Boat Squadron operations, an underwater demolition video of the Special Boat Squadron, Special Forces activities, rappelling operations, and field counter-attack manoeuvres. The display also showcased Air Force, Maritime, and Land Force capabilities.

Following the Military Band’s performance, graduates from the Special Boat Squadron and Special Forces courses were presented with their berets by Commander-in-Chief of the Armed Forces, President Dr Muizzu.

The ceremony continued with the inauguration of the Special Boat Squadron and the taking of oath by both the Special Boat Squadron and Special Forces members. Vice Chief of Defence Force Brigadier General Ahmed Ghiyas administered the oath.

The military display activities concluded with a group photo, where President Dr Muizzu was joined by the Defence Minister and senior military officers. 

SOURCE : The President’s Office

Former President Uz Maumoon calls for unwavering Maldivian unity

Former President Uz Maumoon Abdul Gayoom (G.O.D.R.G) has emphasised that national unity must not be compromised under any circumstances, whilst calling for Maldivians to maintain their solidarity with unwavering determination. The former President made these remarks during his address at the official ceremony held this evening marking Victory Day.

“Despite the changes to our national landscape brought about by global shifts, the evolution of our laws and regulations with time, and the emergence and operation of political parties, none of these should ever diminish our national unity,” the former President declared.

Reflecting on the lessons from Victory Day, the former President stressed that national principles must take precedence over political matters. He highlighted how Victory Day demonstrated the deeply ingrained willingness among Maldivians to sacrifice their lives for the nation’s honour and dignity.

Speaking of the fallen soldiers, he characterised them as national heroes who sacrificed their lives defending the country’s independence, sovereignty and honour. Additionally, he emphasised that the day’s victory was a divine blessing from Allah and called upon the people to strengthen their faith and deepen their love for Allah for their own safety and protection.

The former President emphasised the importance of maintaining gratitude towards friendly nations and international organisations that continue to support Maldivian sovereignty. He particularly stressed the significance of appreciating those countries and organisations that provided assistance during Victory Day.

Warning of potential threats, he cautioned that the Maldives could face sudden dangers due to shifting global political currents, emphasising that Maldivians must remain perpetually vigilant. He also commended President Dr Mohamed Muizzu’s policies aimed at strengthening and preserving the Maldives’ independence and sovereignty.

Concluding his speech with a crucial appeal, the former President noted that since its conversion to Islam, the Maldives has served as a spiritual pulse of the Islamic Ummah. He urged Maldivians to persist in their condemnation of Israel’s inhumane aggression against the Palestinian people, particularly in Gaza, and to maintain their steadfast support for the Palestinian struggle. 

SOURCE : The President’s Office

President confers the Grand Order of Military Honour on Major General Retired Moosa Ali Jaleel

President Dr Mohamed Muizzu conferred the esteemed Grand Order of Military Honour (GOMH) upon Major General Retired Moosa Ali Jaleel on Sunday, at the ceremony held to mark Victory Day. The award recognises his distinguished service to national security and significant contributions to safeguarding the sovereignty of the Republic of Maldives.

The President conferred the GOMH under the President’s authority as outlined in Article 115 of the Constitution of the Republic of Maldives, in accordance with Act No. 1/97 (Maldives Honour Act). Prior to conferring the GOMH, the President delivered his address at the ceremony.

Major General Retired Moosa Ali Jaleel (GOMH) played an instrumental role in protecting the nation during the terrorist attack on November 3, 1988.

Since joining the defence force as a Lance Corporal on July 3, 1980, Major General Retired Moosa Ali Jaleel (GOMH) held multiple leadership roles in the Maldives National Defence Force (MNDF) until his retirement on February 12, 2012. During his tenure, he served as Chief of Defence Force from November 6, 2008, to February 9, 2012.

On November 3, 1988, Major General Retired Moosa Ali Jaleel (GOMH) was present at MNDF headquarters during the attack. As Task Force Commander of the Infantry Unit, he was one of the first officers to actively engage in combat with the terrorists, having requested permission to exit military headquarters to confront them directly.

In his 31 years of service, Major General Retired Moosa Ali Jaleel (GOMH) received nine service ribbons and eleven medals in recognition of his valour. His service ribbons include the Presidential Ribbon, Defence Force Service Ribbon, Long Service Ribbon, Dedicated Service Ribbon, Special Duty Ribbon, Achievement Ribbon (twice), and Good Conduct Ribbon (twice). His medals include the Presidential Medal, Defence Force Service Medal, Distinguished Service Medal, Good Conduct Medal, Medal for Exceptional Bravery (Huravee Ran Medal), Dedicated Service Medal, Purple Heart (Jihaadhuge Raiy Medal), Long Service Medal, 3rd November Medal, and Centenary Medal.

Since his honourable retirement from the military in 2012, he has served as the Minister of Defence and National Security and as the High Commissioner of the Republic of Maldives to Pakistan.

SOURCE : The President’s Office

Foreign Minister Dr Abdulla Khaleel sends Independence Day greetings to the Foreign Minister of Dominica

The Minister of Foreign Affairs of the Republic of Maldives, Dr Abdulla Khaleel, has sent a message of felicitations to the Minister for Foreign Affairs, International Business, Trade and Energy of the Commonwealth of Dominica, Dr Vince Henderson, on the occasion of Dominica’s Independence Day.

The Minister’s message reads as follows: 

“On behalf of the Government, the people of the Republic of Maldives and on my own behalf, I would like to extend warm felicitations to Your Excellency, the Government and the people of Dominica, on the occasion of your Independence Day.

As fellow Small Island Developing States, I am confident that the friendly relations between our nations in areas of mutual interest will continue to strengthen in both bilateral and multilateral arenas.

Let me extend my best wishes for your good health and well-being and for the peace and prosperity of the people of Dominica.

Please accept, Excellency, the assurances of my highest consideration.”

SOURCE : Ministry of Foreign Affairs

Foreign Minister Dr Abdulla Khaleel sends Independence Day greetings to the Foreign Minister of The Federated States of Micronesia

The Minister of Foreign Affairs of the Republic of the Maldives, Dr Abdulla Khaleel, has sent a message of felicitations to the Secretary for Foreign Affairs of the Federated States of Micronesia, Hon Lorin S Robert, on the occasion of the Independence Day of the Federated States of Micronesia.

The Minister’s message reads as follows:

“On behalf of the Government, the people of the Republic of Maldives and on my own behalf, I would like to extend warm greetings to Your Excellency, the Government and the people of The Federated States of Micronesia, on the occasion of your Independence Day.

As fellow small island developing states, I am confident that the collaboration between our countries will deepen in the coming years as we work together on areas of common interests.

Let me extend my best wishes for your good health and well-being and for the peace and prosperity of the people of The Federated States of Micronesia.

Please accept, Excellency, the assurances of my highest consideration.”

SOURCE : Ministry of Foreign Affairs

The President pledges to finish and handover “Shaheedhunge Hiyaa” housing to families of martyrs

President Dr Mohamed Muizzu has pledged to finish and handover “Shaheedhunge Hiyaa”, a housing scheme for the families of the martyrs of November 3rd. He made the statement in his address to the nation at the official function held to mark the Maldivian Victory Day.

In his address, the President noted that in the past forty years, 29 military personnel, two Police service personnel, and 11 civilians had passed away under various circumstances, while in line of duty. However, he regrettably noted that their service had gone unrecognised, and, as such, he said it was a disgrace to their memory.

As such, the President announced that the families of the martyrs of November 3, 1988, the five individuals who received the Medal for Exceptional Bravery on the day, and the 10 individuals who received Medal for Bravery, will receive a special allowance from the state. He added that this allowance will be disbursed under certain regulations set in the gazette and granted for their lifetime.

President Dr Muizzu said that while the state recognised the Martyrs’ valour and sacrifice, nothing can compensate for the loss the families of the Martyrs continue to experience.

SOURCE : The President’s Office

Foreign Minister Dr Abdulla Khaleel sends Independence Day greetings to the Foreign Minister of Panama

The Minister of Foreign Affairs of the Republic of the Maldives, Dr Abdulla Khaleel, has sent a message of felicitations to the Minister for Foreign Affairs of Panama, Javier Martínez Acha Vásquez, on the occasion of Panama’s Independence Day.

The Minister’s message reads as follows:

“On behalf of the Government, the people of the Republic of Maldives and on my own behalf, I would like to extend warm greetings and best wishes to Your Excellency, the Government and the people of Panama, on the occasion of your Independence Day.

I believe that our joint efforts on common issues will foster an even stronger relationship in the years ahead.

Let me extend my best wishes for your good health and well-being and for the peace and prosperity of the people of Panama.

Please accept, Excellency, the assurances of my highest consideration.”

SOURCE : Ministry of Foreign Affairs

Vice President says Government is committed to reinvigorating football in Maldives

Vice President Uz Hussain Mohamed Latheef has expressed the Government’s commitment to reinvigorating Maldivian football. Speaking at the closing ceremony of the Milo Academy Championship 2024 for the Under-14 age group, the Vice President emphasised the Government’s active collaboration with authorities to address concerns about law and order in Maldivian football.

Highlighting the importance of nurturing young talent, the Vice President praised events like the Milo Academy Championship for showcasing emerging players with diverse skills. He acknowledged the dedicated efforts of football academies in reviving the sport and assured them of the Government’s full support in promoting football nationwide.

The Vice President expressed appreciation for the efforts of football academies and the families dedicated to supporting young athletes. He reassured attendees that the Government is prepared to back these initiatives, highlighting the crucial role of grassroot efforts in establishing a robust football culture. His presence at the ceremony, which coincided with national celebrations such as Victory Day, reinforced the significance the Government places on sports—particularly football—as a catalyst for unity and national pride.

In his remarks, Vice President Latheef emphasised the importance of tournaments like the Milo Academy Championship in developing players with varied skills. He encouraged all young participants to aim for national-level competition, framing football as a unifying force that embodies the spirit of the nation.

During the ceremony, the Vice President reviewed the final match. He also signed the championship ball and awarded medals, mementos, and prizes to standout players, including the player of the match and the teams that finished second. His presence at the event underlined the Government’s encouragement of youth sports and its focus on rebuilding the sport’s foundation in the Maldives.

SOURCE : The President’s Office

President announces launch of National Service Programme to increase the number of MNDF and Police personnel

President Dr Mohamed Muizzu has announced that the Maldives National Service Programme will be implemented every year from 2025 to increase the personnel at the Maldives National Defence Force (MNDF) and the Maldives Police Service (MPS). He made the remarks while addressing the nation at the official ceremony to commemorate the Victory Day of the Maldives.

The President noted that while celebrating occasions such as Victory Day, it is important to recognise the ongoing work needed to ensure that the country we pass on to future generations remains secure and independent. He emphasised the importance of continuing the national service programme to achieve this goal.

The President further said that Maldivians above the age of 16 who are unable to continue their academic life due to various reasons after completing their secondary education and are not eligible for employment can be recruited to the Maldives National Service Programme and recruited to the MNDF or Police Service.

The President stated that recent statistics indicate 500 to 1,000 children complete O-level qualifications but remain unemployed. However, the National Service Programme of the Maldives will help address this issue.

The President stated that the lack of access to education and job opportunities has contributed to an increase in drug addiction. This trend has placed a greater burden on the Government, society, and families. He also emphasised that this situation hurts the economy. To address these challenges, he announced the recruitment of 5,000 young people for the armed forces and police services over the next four years as part of the Maldives National Service Programme. This recruitment will include approximately 4,000 personnel for military services and around 1,000 officers for the police service.

The President announced that the National Service Programme of the Maldives will be supported by legislation. He also shared details about the financial provisions for implementing the national program, stating that MVR 400 million would be allocated for New Policy Initiatives (NPI) in the budget for 2025. Additionally, he mentioned that every year, an extra MVR 400 million could be added to the program.

The President emphasised that a nation requires individuals willing to sacrifice their lives to defend the country against enemies both within and external.

SOURCE : The President’s Office

Vice President expresses wish for the nation’s victory and prosperity

Vice President Uz Hussain Mohamed Latheef has expressed his heartfelt wishes for victory and good fortune for both the people and the nation.

The Vice President shared these sentiments in a social media post on the occasion of Victory Day.

In his post, the Vice President prayed that Allah would preserve Maldives as an independent Islamic nation in perpetuity. He also prayed for the protection of Maldives and its people from various foreign threats, and for continuous victory and prosperity for the country.

Victory Day in Maldives is observed on 3 November to commemorate the defeat of six traitors who collaborated with a foreign group. Nineteen Maldivians were martyred in the attack, including eight soldiers and eleven civilians.

SOURCE : PSM

Health Minister highlights support for private health services

Minister of Health Abdulla Nazim Ibrahim has stated that President Dr Mohamed Muizzu’s policy is to create significant opportunities for private health services to operate within a legal framework. He made these remarks at the opening of Eve Clinic West Park, a private clinic providing healthcare services in the Maldives.

The Health Minister noted that the health sector is advancing globally with the support of private companies and individuals, demonstrating that no industry can thrive without private sector involvement.

At the ceremony, Dr Jaufaru, son of Eve Clinic Chairman Hussain Mohamed Fulhu, described the opening of Eve Clinic West Park as a new beginning aimed at enhancing the quality of care for common illnesses. He also noted plans to expand services that are currently rarely available in the Maldives.

Eve Clinic offers a range of services, including cardiology, pulmonology, nephrology, dental care, endocrinology, urology, psychiatry, radiography, ultrasound scans, as well as internal medicine, counselling, ENT, general healthcare, and orthopaedics.

Eve Clinic initially opened with only one doctor in 2010 on Fareedhee Magu. Since then, its services have grown significantly, making it the largest private clinic in the Maldives.

SOURCE : PSM

President pledges to increase the capacity of the armed forces in the coming year

President Dr Mohamed Muizzu had pledged to increase the operational capacity of the armed forces in the coming year. He gave the assurance in his address to the nation at the official function held to mark the Maldivian Victory Day.

In his address, the President noted the initiatives undertaken by this administration had taken in building the capacity of the armed forces and the Ministry, in order to protect the sovereignty and independence of the nation. The President announced a nationwide program to train youth.

The President also announced plans to increase the capacity of Girifushi training center, the existing facility to train armed forces. As such, he said, that under the Government’s New Policy Initiatives, 13 hectares of land will be reclaimed in Girifushi, as well as the creation of shore protection and a new port.

The President also stressed on the importance of building a strong army, pledging to invest in weaponry and other instruments. As such, he noted that discussions have begun with allied nations to facilitate this expansion. He further noted that the state had set out a portion of next year’s budget on arms purchase.

President Dr Muizzu further elaborated on the planned initiatives for modernising the armed service. Highlighting on the addition of Air Corps and UAV, the President said the nation is now capable of monitoring our economic zone.

The President specially noted the induction of Special Boat Squadron on Sunday, as part of strengthening the Coast Guard Services. The Coast Guard fleet, he said, will be doubled under a special program, with Kandu oy giri, now fully handed over to Coast Guard jurisdiction.

The President reassured that with international assistance, all MNDF stations across the nation will be strengthened and more equipped to face the challenges and protect the nation.

SOURCE : The President’s Office

Meeting between High Commissioner and Afghan Representative unauthorised: Ministry of Foreign Affairs

The Government of Maldives has clarified that a meeting in Islamabad between the Maldives High Commissioner to Pakistan and a representative of Afghanistan was not sanctioned by the Government. As a result, appropriate action has been taken by the authorities.

The Maldivian Government reiterated that it adheres to the principles followed by the United Nations General Assembly when addressing the representative legitimacy of governments. In line with this practice, the Maldives recognises only the government of Afghanistan which is represented at the United Nations as the legitimate government.

The Ministry of Foreign Affairs stated that the Maldives High Commissioner’s meeting with an Afghan representative took place without the prior knowledge or authorisation of the Maldivian Government, and necessary measures have now been implemented.

The Taliban currently controls Afghanistan; however, its government has not been recognised by the international community.

SOURCE : PSM

Growth and regulation priority in of sea-to-air cargo services: Transport Minister

Minister of Transport and Civil Aviation Mohamed Ameen has stated that while demand for sea-to-air cargo services is rising, the Government’s top priority is to regulate and promote the sector.

His statement came in response to reports in the foreign media indicating that Bangladeshi garment factories are increasingly using the Maldives for exports.

Addressing the matter in a social media post, Minister Ameen noted that the sea-to-air cargo service is expanding, with significant demand. He went on to explain that the Maldives offers flights to numerous destinations across Europe and the Middle East, providing robust connections for cargo transport. Furthermore, he added that the Government is prioritising regulation of the sector to facilitate the expansion of these services.

The sea-to-air cargo service was first introduced by Maldives Ports Limited (MPL) in March this year, with the first shipment despatched in May. Operating as a hybrid service, it involves bringing goods by sea and transferring them to air cargo for rapid delivery. The model addresses the needs of regional businesses and industries, providing a fast and reliable freight service.

Demand for the service continues to grow, with seven airlines now participating and an expanding number of countries benefiting from the service.

SOURCE : PSM

Aim is to empower and expand the role of Councils: Minister of Cities, Local Government and Public Works

Minister of Cities, Local Government and Public Works Adam Shareef Umar has revealed the goal of further empowering and expanding the role of councils. The statement was made at the ceremony held to inaugurate “Kolhumadulu Israhvehinge Mahaasintha 2024”.

During his address, Minister Shareef emphasised the importance of expanding the role of Councils, as they are the voice of residents, conveying their concerns to the Government. He then highlighted that the current decentralisation system was introduced to Maldives through Constitutional amendments, noting that several further amendments have since been made to the Decentralisation Act.

Furthermore, while the Minister recognised the efforts of previous administrations to improve the decentralisation system, he acknowledged that when the current system was introduced, several systematic reforms were required. He emphasised that as councillors are elected by residents, they have the opportunity to voice residents’ concerns, adding that not all decisions will be made by Male’ City.

The symposium, held in Veymandoo, Thaa Atoll, brought together presidents and secretary generals of island councils in Thaa Atoll and senior officials from administrative bodies within the atoll, and is set to conclude on 3 November.

SOURCE : PSM

AG affirms to review and resolve cases submitted to Ombudsperson’s Office

Attorney General Ahmed Usham has affirmed his commitment to review and resolve the cases submitted to the Ombudsperson’s Office for Transitional Justice (OTJ), which was established during the previous Administration.

Established on 17 December 2020, the OTJ functioned as an autonomous legal entity vested with powers to communicate, file lawsuits, or receive court charges under the Transitional Justice Act. The Act authorised investigations into past wrongdoings by state authorities, heads of agencies, or individuals in power, which resulted in human rights violations. The eligibility timeframe for investigated cases ran from 1 January 1953 to 17 November 2018.

Speaking at a President’s Office press conference, Attorney General Usham stressed that OTJ had failed to review and investigate cases effectively, noting that several cases remained pending. He revealed that the President’s Office had provided recommendations on handling the cases submitted to the OTJ until the current Government assumed office. He stated that these recommendations would be taken into consideration and reaffirmed the Government’s commitment to investigate and resolve the cases.

Although OTJ was established to resolve all lodged cases within a two-year timeframe, the deadline was extended to 17 November 2023, due to a substantial caseload and delays in hearings. Subsequently, the OTJ was abolished. The office reported receiving 489 cases in total, with 453 cases resolved and the remainder still pending. It also stated that a report had been submitted to the President’s Office on 17 November, regarding 30 cases requiring compensation.

SOURCE : PSM

Budget will prioritise the completion of the ongoing PSIP Projects: Deputy Minister of Finance

Deputy Minister of Finance Ahmed Saaid Musthafa has revealed that the 2025 state budget will prioritise the completion of ongoing Public Sector Investment Programme (PSIP) Projects. He made these remarks during a programme aired on PSM News.

The Government has proposed a state budget of USD 3.7 billion to Parliament, with an USD 804 million allocation designated for the PSIP projects.

During the programme, Deputy Minister Saaid noted that the budget allocation for PSIP projects was insufficient, adding that the Government incurs expenses on PSIP projects exceeding the allocated amount by year-end. He also stated that the budget proposed by the current Administration aims to expedite these projects’ completion. Furthermore, he explained that the projects will be implemented through managing envelopes, rather than including specific details of each project in the budget.

Next year’s budget anticipates USD 3.2 billion in expenses, comprising USD 2.3 billion for recurrent expenditures and USD 862.3 million for capital expenditures. The Finance Minister Moosa Zameer noted that the Government expects to receive USD 2.57 billion in donations. He also confirmed that USD 428 million in savings is anticipated due to stringent measures aimed at reducing state expenses.

SOURCE : PSM

Maldives Customs amends regulation, banning storage of tobacco products

Maldives Customs Service has amended its Customs General Regulation, banning the storage of tobacco-related products in bonded warehouses. The amendment follows the ratification of changes to the Export-Import Act, which seeks to introduce significant changes to import duties on tobacco and tobacco products as part of efforts to control tobacco use.

Previously, tobacco-related products imported into Maldives were stored in bonded warehouses; however, the 15th amendment to the Customs regulation bans the registration of bonded warehouses for storing tobacco-related products, tobacco alternatives, electronic cigarettes, and vaping devices. The ban also extends to complementary goods of these products and tobacco products.

Furthermore, the amendment bans the importation of ship stores containing tobacco products, including alcohol and pork. Previously, such items were permitted for import as ship stores, in specific transport vessels under Customs control.

The amendment also stipulates that the Automatic Identification System (AIS), installed in vessels arriving in Maldives, must always be operational.

A fine of USD 12,970 will be levied on parties attempting to smuggle goods into Maldives, excluding items on the Inward Cargo Manifest or Outward Cargo Manifest. The amendment also imposes a fine of USD 6,485 on vessels travelling on different routes from those submitted to Customs, while a fine of USD 12,970 will be imposed if the AIS in vessels arriving in Maldives is off.

SOURCE : PSM

BCC launches “Dhivehi Raajjeyge Iqthisaadhee Furamala 2025” 

Business Centre Corporation (BCC) has launched an initiative to collect information on economic developmental projects and gather data on gender ratios within project contracts. The initiative, titled “Dhivehi Raajjeyge Iqthisaadhee Furamala 2025”, was officially inaugurated by the Minister of Economic Development and Trade, Mohamed Saeed.

Under this nationwide initiative, the corporation will send teams to all residential islands to collect up-to-date information, whilst reviewing statistics collected by various administrations. BCC announced that practical work will commence in Haa Alif Atoll this month, with completion targeted for mid-2025.

Speaking at the inauguration ceremony, Minister Saeed emphasised the crucial importance of BCC’s economic profiling initiative. He highlighted its direct link to economic development and urged the corporation to complete the work with caution and care.

At the ceremony, Deputy Managing Director of BCC Samih Adam noted that the benefits would be visible before the project’s completion. He affirmed that it will significantly help in identifying small and medium enterprises (SMEs) and assist in providing special services.

BCC noted that this initiative will play a vital role in helping national leaders make better decisions, while also paving the way for local and foreign investments. The corporation has decided to include all economy-related activities in this initiative.

SOURCE : PSM

MMA reveals plans to establish a foreign currency exchange company

Maldives Monetary Authority (MMA) has announced plans to develop a foreign currency exchange company to enhance the monitoring and management of its currency exchange system.

Speaking on a programme aired on PSM News, Assistant Executive Director of MMA Aishath Asna Hamdi revealed that permits have been granted to approximately 200 parties to engage in money exchange activities. She explained that the foreign exchange regulations had been revised to develop specific operational areas for these parties. The new regulations stipulate that money exchange operations must be conducted through a specially designated company providing these services.

MMA highlighted that all entities involved in money exchange must obtain a licence, with applicants required to maintain a deposit of USD 50,000.

The amendments to the foreign exchange regulations, in place since 1987, aim to enhance the management and operations of money exchange businesses through modern policies. Under the revised regulations, licences will be issued in two categories: the first allowing buying and selling of foreign currency, and the second permitting only the sale of foreign currency. MMA has confirmed that tourism facilities do not need to obtain a licence under the new regulations.

Furthermore, MMA has urged all licensed parties involved in money exchange to register and reapply for their licences by the end of this month.

SOURCE : PSM