Thilamalé Bridge Now Links Villimalé and Gulhifalhu
The India-financed crossing now runs from Malé through Villimalé to Gulhifalhu, ten weeks after the span between the capital and Villimalé was joined in August.
Business
Markets, finance and the rufiyaa economy.
Saturday 31 October 2026
Maldives Re-Export Earnings Climb to US$314.9 Million in First Nine Months of 2026
Jet fuel made up more than four-fifths of the total, according to Maldives Monetary Authority figures, while the value of fish exports fell by almost half over the same period.
Friday 30 October 2026
SME Digital Doubles Collateral-Free RSW Financing Limit for Fishing Vessels to MVR 4 Million
The state-owned SME financier has also opened the Shariah-compliant scheme, which until now covered onboard refrigeration, generators and solar panels, to the installation and replacement of vessel engines.
MTCC Shareholders Approve MVR 3 Dividend for 2025 as Profit Rises 88%
The state-majority contractor will start paying out MVR 24.1 million on 1 November. Shareholders also reappointed Deloitte as auditor and elected Hussain Hassanfulhu to the board.
STO Posts MVR 281 Million Third-Quarter Profit, Up 51% on a Year Earlier
The state-majority fuel and trading company's revenue fell 7% from the second quarter to MVR 6.48 billion as global fuel prices eased, but lower staff costs after the transfer of its pharmacies lifted operating profit by 23%.
Thursday 29 October 2026
Malé City Group of Hospitals Signs MoU with UK and Indian Companies for Hulhumalé Cancer Centre
The planned centre at Hulhumalé Hospital would offer radiotherapy, which is not currently available in the Maldives. No cost, financing model or contract has been announced.
Wednesday 28 October 2026
Green Climate Fund Accredits MFLC as First Maldivian Direct Access Entity
The Malé lender can now develop funding proposals for the world's largest dedicated climate fund itself. All four GCF-funded projects in the Maldives so far were brought by international agencies.
STELCO Takes Over FENAKA Utility Services in Haa Dhaalu and Shaviyani Atolls
The state electricity company said it had begun providing the utility services FENAKA ran on islands in the two northern atolls. It did not say when the handover took effect, how many islands it covers or whether tariffs will change.
MIFCO Signs MoU with SINOMACH Hainan to Explore Frozen Fish Exports to China
The state fisheries company would be the supplier while SINOMACH Hainan looks at the Chinese market. MIFCO gave no volumes, prices or shipment dates, and said larger exports could be explored from 2027.
Tuesday 27 October 2026
Parliament Accepts Bill to Double the Upfront Payment for Appealing MIRA Tax Assessments
Taxpayers would have to pay at least half of a disputed assessment, up from a quarter, before going to the Tax Appeal Tribunal. Disputes over tax avoidance and related-party deals would need full payment first.
Sunday 25 October 2026
SMEs Promised Dollar Payments via BML, a Higher GST Threshold and an Addu Tax-Free Zone
President Mohamed Muizzu says the dollar payments start on 1 November and the tax changes on 1 January. He said the law changes needed are still under way.
Saturday 24 October 2026
IMF Projects Maldives Growth of 1% as Government Withholds Its Review for a Second Year
The fund expects the current account deficit to triple to 18.6% of GDP this year and government borrowing to reach 11.9% of GDP. The staff report from its September review has not been released.
Friday 23 October 2026
Gan Airport Operator Gets Adverse Audit Opinion as Accumulated Losses Reach MVR817 Million
Revenue nearly tripled in 2025, mostly from jet fuel sales. The state-majority company still lost MVR68.7 million, and its liabilities exceeded its assets at the end of the year.
Wednesday 21 October 2026
Maldives and Pakistan Aim to Raise Trade to US$200 Million in Two Years
President Mohamed Muizzu said 20 memoranda of understanding were exchanged in Islamabad, including on tourism, and that talks on direct flights were continuing.
Monday 19 October 2026
MMA Fines MS Finance Currency Exchange MVR500,000 and Suspends Its Licence
The central bank said the money changer broke the regulation on money-changing businesses. It is the second money changer MMA has announced action against since August.
Sunday 18 October 2026
Prices of Essential Goods in Malé Rise 7.8% in a Year as Meat Jumps 22.6%
The statistics bureau’s essentials index has climbed since April, while the broader consumer price index rose 0.76% in the year to August.
Saturday 17 October 2026
India Rolls Over INR30 Billion Currency Swap for the Maldives
The swap, drawn in April by the Maldives Monetary Authority, was due in October. India's announcement does not say how long it has been extended.
Maldives Economy Grows 2.4% in August as Fisheries Output Falls 65.6%
Financial services drove growth, according to the statistics bureau's monthly estimates. Tourism output rose on a year earlier for the first time since February.
Thursday 15 October 2026
Heavy Vehicles and Goods Lorries Banned from Malé Roads at Rush Hours
Goods vehicles carrying more than 350kg, trucks, cranes, forklifts and trailers may not run from 06:00 to 08:30 and 11:30 to 13:30 on most roads in Malé, with the morning ban also covering Hulhumalé, the bridge and the highway.
STELCO Chief Ali Azwar Named Acting Managing Director of FENAKA
The appointment took effect on 15 October, as STELCO takes over utility services from FENAKA ahead of the company's planned dissolution.
Government Subsidy Spending Passes Full-Year Budget by 48% with Months to Go
Finance Ministry data to 8 October show MVR4.26 billion spent on subsidies against MVR2.89 billion budgeted for all of 2026, as total spending rose 18.3% and revenue 3%.
29 Foreign Investments Dissolved as Maldives Enforces Sectors Reserved for Locals
The Economic Minister says 150 foreign investments must meet the new requirements, and 17 have applied to comply.
Parking Offences on Main Malé and Hulhumalé Roads to Be Enforced Digitally
Vehicle owners will be notified by SMS and email. The ministry has separately restricted the hours heavy vehicles can use roads in Malé and the Hulhumalé–Malé bridge.
Shops That Fail to Display Prices Face Fines of up to MVR250,000
The Economic Ministry says it keeps receiving complaints about goods on sale without visible prices and will monitor businesses under the Consumer Protection Act.
Maldives’ Official Reserves Fall 14.9% to US$547.8 Million in September
The month included the final US$50 million repayment on a 2019 State Bank of India facility. Usable reserves, on the central bank’s own measure, fell to about US$170 million.
Tuesday 13 October 2026
MIRA Collects MVR2.69 Billion in September, 12.7% above Forecast
September revenue was 10.7% lower than a year earlier, but collections for the year so far are 8.9% ahead of 2025.
Saturday 10 October 2026
Foreign-Owned Retailers and Sales Agents Face Enforcement as Transition Ends
Businesses that had not engaged with the Economic Ministry by 8 October will receive formal notices, and share transfers to Maldivians will be checked for genuine local control.
BML Posts Record MVR1.93 Billion Nine-Month Profit as Dollar Demand Climbs
Third-quarter profit rose 36%, while the foreign currency the bank sold to customers in nine months almost matched its total for all of 2025.
Thursday 8 October 2026
Moody’s Upgrades Maldives Credit Rating to Caa1 After Sukuk Repayment
The one-notch upgrade reflects lower near-term default risk, but the agency expects the budget deficit to widen to 8.0–8.5% of GDP this year.
SME Digital Opens MVR10 Million Guesthouse Financing at 7.5%
The new facility requires repayments in US dollars and offers terms of up to 15 years, with a 20 per cent equity requirement.
