AGP Executive Report
Last update: 9 hours agoBanking and FX: Bank of Maldives reported record nine-month profit of MVR 1.93 billion and MVR 12.1 billion in new loans. It supplied customers with USD 722 million in foreign currency and expects inflows to strengthen as peak tourism season approaches. Tourism Workforce: The tourism and youth ministries signed an MoU to create apprenticeship pathways for young Maldivians, aiming to increase local participation in the sector. Tourism Recognition: The Maldives won 36 South Asian Travel Awards, including Leading Adventure Destination; Sun Travels took silver as an inbound travel agent. Credit Outlook: Moody’s upgraded the Maldives to Caa1 with a stable outlook, citing lower near-term default risk, debt repayments and stronger foreign-exchange inflows. Rasmale’ Development: Eagle Hills chairman Mohamed Alabbar says the company will initially fund 5,000 housing units, an estimated USD 500 million investment. The project’s final agreement with the government is not yet signed. Tourism Revenue: TGST receipts were down 1.4% year-on-year as industry leaders raised concerns over tax and foreign-exchange rules.
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