CATEGORY
Bank of Maldives (BML) has reported a massive surge in medical foreign exchange allocations, with monthly figures tripling to over 3 million USD in the first seven months of 2024. Presenting data on the "Ightisaadhuge Dhefaraiy" program, BML Head of Brand and Marketing Strategy Mohamed Saeed confirmed daily dollar sales now average 2.7 million USD, with total dollar sales soaring by 77 percent to hit 1.7 billion USD.
MP and resort owner Ahmed Siyam Mohamed is officially the Maldives' highest individual taxpayer. The Maldives Inland Revenue Authority awarded him the 'Ranlaari Award' on Thursday, recognizing him as the top individual contributor under the modern Income Tax Act. Siyam, whose Sun Siyam Group operates luxury resorts locally and abroad, was honoured for his perfect tax compliance during the last fiscal year.
With state expenditure outstripping revenue by 1.4 billion MVR and the public wage bill hitting 8.51 billion MVR, the Maldives government is turning to the domestic market to borrow an additional 1.1 billion MVR. The Finance Ministry is issuing four Treasury bills, including a massive 535 million MVR bill at 4.6 percent interest, to cover mounting state expenses as foreign agencies continue urging immediate spending cuts.