Maldives Instant Payment System “Favara” revolutionizes financial landscape as three banks join the innovation wave

The Maldives financial sector has taken a significant leap towards digital transformation with the official inauguration of the Maldives Instant Payment System, “Favara.” In a momentous ceremony on August 26, 2023, Vice President Faisal Naseem launched the pioneering payment system, highlighting its potential to revolutionize the nation’s financial infrastructure. The inception of the Favara payment […]

Maldives Monetary Authority: growth in tourism and construction expected in 2016

The National Bureau of Statistics suggests that although real GDP growth for 2015 is expected to slow down, 2016 looks promising.

Maldives Monetary Authority unveils new banknotes

The Maldives Monetary Authority (MMA) unveiled its new banknote series at a special function held in Dharubaaruge on 1 November.

MMA report: Chinese arrivals rebound in August, as fish exports boom in the Maldives

August saw a 7.8% year-on-year increase in Chinese arrivals, as well as an phenomenal 407% year-on-year increase in fish exports.

Sri Lanka’s Commercial Bank to open its first ever branch in the Maldives

The Commercial Bank of Ceylon PLC has announced that they will be extending their services to the Maldives.

Fisheries decline in July while tourist arrivals stabilise, MMA reports

Total tourist arrivals in July climbed in both monthly and annual terms by 28 percent and 4 percent respectively, totalling 104,517, notes the Maldives Monetary Authority’s Monthly Economic Review.

Maldives tourism and fisheries declined in June, reports MMA

June 2015 saw a decline in both tourist arrivals and fish exports, according to the latest MMA Monthly Economic Review.

Maldives Monetary Authority publishes 2014 annual report, estimates total tourism receipts at US$2.6bn

The Maldives Monetary Authority’s 2014 Annual Report covers developments in the domestic economy, MMA initiatives and the outlook for 2015.

MMA’s Monthly Economic Review: tourist arrivals up by 7% in March, overall occupancy down

The Maldives Monetary Authority’s Monthly Economic Review, vol. 9 published May 31st, highlights growth in arrivals despite falling occupancy.

Tourist Arrivals Reach a Record High in February

February’s tourist arrivals reached a record high, according to Maldives Monetary Authority’s Monthly Economic Review (March 2015).