Maldives Financial News

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Subscribe to enjoy similar stories. New Delhi: Bangladesh, the world’s largest garment producer, has opted to bypass India and ship its textile exports through the Maldives for onward distribution to global markets, hurting the cargo revenue prospects of India’s airports and ports amid strained bilateral ties, according to three people aware of the development. “Previously, Bangladeshi goods were shipped through Indian airports, but now they are rerouting shipments from other locations.

National Payments Corporation of India (NPCI), UPI is an instant real-time payment system for facilitating inter-bank transactions through mobile phones. Muizzu on Sunday set up a consortium to introduce UPI in the country and appointed TradeNet Maldives Corporation Limited as its leading agency, according to a press release by the President's Office. The president also suggested the participation of the country's banks, telecom companies, state-owned companies and fintech companies in the consortium.

Maldives has floated a new foreign currency regulation, limiting types of transactions allowed in foreign currency and imposing mandatory foreign currency exchange controls on tourism establishments and banks. Maldivian economy appears to have taken a hit after calls to Indian tourists to avoid the picturesque island nation as a response to President Mohamed Muizzu's 'India Out' campaign last year. Maldives last month averted a potential default on an Islamic bond payment after India extended a USD 50 million interest-free loan. With its forex reserves not matching its import bill, the island nation's central bank, Maldives Monetary Authority (MMA) on October 1 introduced a new regulation, requiring all foreign currency income generated by the tourism industry to be deposited in local banks.

World Bank report has highlighted the persistent gender disparity in employment across South Asia, with women experiencing a significant decline in labor force participation post-marriage, often referred to as a "marriage penalty." In India, female employment rates drop by 12 percentage points after marriage, about one-third of the pre-marital employment level, even in the absence of children. Meanwhile, men gain a 13-percentage-point employment premium upon marriage, although this advantage gradually erodes after five years. “This marriage penalty among women without children persists up to five years after the wedding in India and Maldives,” the report states, attributing the trend to deep-rooted social norms. In addition to the marriage penalty, women also face a “child penalty,” as caregiving responsibilities often push them out of the workforce.

Maldives President Mohamed Muizzu will hold talks with Indian Prime Minister Narendra Modi in New Delhi as he aims to repair relations between their countries that have been strained since he came to power last year

Mohamed Muizzu claimed that he had not followed an ‘India Out’ policy, while asserting that the country had a “serious problem” with the presence of foreign military on its soil. Male is in talks with New Delhi for a proposed state visit by Muizzu in October. Maldives is seeking support from India to tackle a simmering financial crisis. “We have never been against any one country at any point. It’s not India Out. Maldives faced a serious problem with foreign military presence on this soil,” said Muizzu. The Maldives President was responding to a query at Princeton University’s “Dean’s Leadership Series” on Thursday.

asset owner with a primary focus on luxury offerings across business and leisure segments, has filed its draft red herring prospectus with market regulator Sebi to raise funds through an IPO. The company’s IPO comprises a fresh equity issue of up to Rs 2000 crore.

capital markets regulator Sebi to raise Rs 2,000 crore through an initial public offering (IPO). The Pune-based company's IPO is completely a fresh issue of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP). Also, the company may consider a pre-IPO placement aggregating up to Rs 400 crore. If such placement is undertaken, the issue size will be reduced.

Chief of Defence Staff General Anil Chauhan on Saturday held extensive talks with Maldives' Chief of Defence Force Major General Ibrahim Hilmy, focusing on a reset of military ties that came under severe strain after President Mohamed Muizzu assumed office in November last. The talks between the two top military officials came a day after India and the Maldives held the fifth round of defence dialogue which decided to expedite implementation of the ongoing defence projects. Officials said the talks were aimed at furthering the bilateral defence cooperation, especially on measures to strengthen regional security and enhance bilateral training opportunities. It is understood that cooperation in the maritime security domain dominated the discussions.

Ventive Hospitality, a joint venture between the world's largest private equity firm Blackstone Group and Pune-based Panchshil Realty, is looking at filing a draft prospectus for an initial public offering in the next couple of weeks, according to sources close to the development. The JV, which could be the largest international multi-brand hotel owner in India by Ebitda, plans to raise around ₹2,500 crore through a fresh issue of shares.

Sheikh Hasina resigned and fled to India, is awash with anti-India sentiment. That's because Hasina, who has been friendly with India, has taken shelter in India and an Islamist opposition including the main opposition party, the Bangladesh Nationalist Party (BNP), and Jamaat-e-Islami feel empowered after Hasina's ouster. In fact, the BNP, which used to provide launch pads to anti-India terrorists during its rule, had started an «India Out» campaign months before Hasina's ouster. The BNP was understood to have taken a cue from Maldives ruling party that launched the “India-Out” campaign to win presidential polls last year. While Maldives President Md Muizzu’s “India Out” campaign was allegedly backed by China, the BNP is seen to be backed by Pakistan and many Western countries. While the interim government has said it will cooperate with India, anti-India sentiment has only increased along with attacks on the Hindu minority. Recently, one of the advisers to the interim govt, Mohammad Nahid Islam, blamed India for floods in Bangladesh. Islam alleged that flooding of districts on the eastern borders of Bangladesh had been caused by the opening of Dumbur dam upstream of the Gumti river in Tripura. India refuted his allegations.

Colombo Security Conclave (CSC) on Friday signed the Charter and the MoU for the Establishment of the CSC Secretariat in the Sri Lankan capital eyeing to create stability in the Southern and Western Indian Ocean region amid growing strategic interests of big powers and terrorism in the region. The Signing Ceremony was hosted in Colombo by the Government of Sri Lanka. Ajit Doval, National Security Adviser, Lt. Col (Retd), Ibrahim Latheef, National Security Advisor of Maldives; Haymandoyal Dillum, High Commissioner of Mauritius to Sri Lanka and Sagala Ratnayake, National Security Advisor to the President of Sri Lanka signed the documents on behalf of the respective Member States.

₹5,200, a jump of 23% from a year earlier. Similarly, a Bengaluru-Kochi ticket now costs around ₹3,500, a 46% spike from a year ago. While air traffic slowed in July on account of monsoon, travel picked up in August.

But India has made a strong comeback in Sri Lanka, wresting significant advantage from China. And going by the grammar and tone of S Jaishankar's just-concluded visit to Maldives, Muizzu, too, seems to be course-correcting. So, there's more than what meets the eye — a fresh dynamic that reflects changing geopolitical and economic realities. Take the Maldives. In May, IMF warned the country against a ballooning Chinese debt folio. A month later, Fitch downgraded its rating on grounds of 'increased risks associated with the country's worsening external financing and liquidity metrics'. It assessed that weakening foreign-reserve buffers and rising external government debt 'increase the challenges for the new government to meet its substantial upcoming external debt-servicing obligations and keep the currency peg to the US dollar'.

India. President Muizzu further emphasized that India has always been one of the closest allies and invaluable partners, facilitating and providing aid whenever the Maldives needed it, the Maldivian President's Office said in a statement. He was speaking at the ceremony held at the Maldivian President's Office, where he was handing over the completed water supply and sewerage facilities on 28 islands in the Maldives, funded by the Government of India's Line of Credit Facility through EXIM Bank of India.

Moosa Zameer and External Affairs Minister S Jaishankar will soon commence the handing over ceremony of the reclamation and shore protection project and the inauguration of the 4-lane Detour Link road project. The Maldivian Foreign Affairs Minister welcomed Jaishankar to Addu City on Sunday. Moosa Zameer took to X and highlighted that both these projects are facilitated by the Indian government under the LoC of EXIM Bank.

Maldivian Democratic Party has welcomed the recalibration of the India policy by President Mohammad Muizzu-led government and said that the Maldives is confident that India will always be the first to assist it in times of emergency. Abdulla Shahid, the president of the Maldivian Democratic Party, made the remarks after he met External Affairs Minister S Jaishankar here on Saturday. Jaishankar is on a three-day official visit to Maldives to reset the bilateral relationship, the first high-level trip from India after the archipelago nation's pro-China President Muizzu assumed office last year. «Great pleasure to warmly welcome and meet Indian External Affairs Minister @DrSJaishankar to the Maldives with my colleagues from @MDPSecretariat,» Shahid, the former foreign minister, said in a statement posted on 'X' late Saturday night.

India-Maldives ties for the benefit of the people in the two countries and the region. Jaishankar is on a three-day official visit to Maldives to reset the bilateral relationship, the first high-level trip from India after the archipelago nation's pro-China president Muizzu assumed office last year. «Privileged to call on President Dr Mohamed Muizzu. Conveyed greetings of PM @NarendraModi. Committed to deepening India-Maldives ties for the benefit of our people and the region,» Jaishankar posted on X along with a photograph of the meeting. Meanwhile, in a post on X, Muizzu said it was a pleasure to meet Jaishankar and join him in the official handover of water and sewerage projects in 28 islands of the Maldives.

Maldives have signed an agreement to introduce the Unified Payments Interface in the archipelago nation, which will have a «very positive» impact on its tourism sector, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. «Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives,» he said in a post on X. Developed by the National Payments Corporation of India (NPCI), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones.