Statistics publicized Maldives Monetary Authority (MMA) show that the state reserve stood at USD 827.7 million at the end of last year.
The ‘Economic Update’ publicized by MMA on Thursday showed that the gross international reserve, or in other words, the foreign currency reserve of the central bank, increased to USD 827.7 million by the end of last December.
This marks a three percent increase compared to the previous year. At the end of 2021, the state reserve stood at USD 805.8 million.
The reserve significantly improved in December 2022 compared to November 2022 with an addition of USD 223.5 million – marking a 37 percent increase. At the end of November 2022, the reserve stood at USD 604.2 million.
Tourism sector performed significantly well in the last quarter of last year. Statistics by Tourism Ministry showed that Maldives recorded 184,051 tourist arrivals in December alone, marking a 12 percent increase compared to December 2021.
As per MMA, the number of fisheries exports from the Maldives also significantly increased during December 2022. The central bank said that number of total exports had also significantly increased last year.
Economic experts cite the increased tourist arrivals to the Maldives and increased exports from the Maldives as a positive impact on the Maldivian economy.
While statistics from MMA shows Maldivian economy making steady improvements – Finance Ministry had recently announced measures to cut down state expenditure which is currently in force.
Discussions held on exempting tariff from Maldivian fish exports to Türkiye
Maldivian Foreign Minister Moosa Zameer has revealed that discussions were held on Tuesday, regarding exempting duty levied on fisheries products imported to Türkiye from the Maldives.
Minister Zameer said the discussion took place during a meeting between Maldivian President Dr. Mohamed Muizzu and Türkiye’s Deputy Minister of Trade Mustafa Tuzcu as part of the ongoing official visit to President Muizzu to Türkiye.
Zameer said easier access for Maldives fish products to Türkiye market was also noted during the meeting. At the same time, discussions also focused on opportunities for enhancing trade and cooperation between the Maldives and Türkiye, including removing the tariff on Maldivian fish exports to Türkiye.
Discussions focused on exploring new areas of cooperation, such as tourism, construction, and renewable energy generation. They also addressed enhancing partnerships in existing areas of cooperation, both bilateral and multilateral.
He expressed confidence that Maldives-Türkiye relations will reach new heights through greater trade cooperation.
The meeting was also attended by other cabinet ministers accompanying President Muizzu in his ongoing visit. During the meeting, the President expressed his desire to deepen bilateral cooperation in commerce and investment between the Maldives and Türkiye. The President underscored the Maldives’ eagerness to explore opportunities for increased trade and investment with Türkiye, emphasizing that the aspirations for greater national development resonate deeply with the Maldivian people.
He also suggested increasing Turkish Airlines flights to the Maldives, considering the nation’s potential as a hub connecting the West to the East.
In conclusion, the President expressed optimism that Maldives- Türkiye cooperation would reach new heights during his tenure.
During the visit, the President also met with the Maldivian community residing in Türkiye where he pledged to work on remedying difficulties faced due to the dollar limit imposed on Bank of Maldives (BML) cards.
President Muizzu also called on the Turkish president Recep Tayyip Erdoğan.
Sri Lanka to sign FTA with Thailand in February: Colombo
COLOMBO, Nov. 21 (Xinhua) — Sri Lanka plans is expected to sign the Sri Lanka-Thailand Free Trade Agreement (FTA) in February 2024, Sri Lanka’s cabinet spokesperson Bandula Gunawardena told reporters on Tuesday.
At a press conference, Gunawardena said the agreement will be signed following the completion of negotiations by December 2023.
The cabinet has approved the free trade agreement, which will see 80 percent of tariff lines liberalized over 15 years, he said.
Sri Lanka is Thailand’s fourth-largest trading partner in South Asia, and Sri Lanka’s main exports to Thailand include gems, jewellery, tea, spices, fiber and metal products, according to official data.
In 2021, Sri Lanka imported goods from Thailand worth 355 million U.S. dollars and exported 59 million dollars’ worth of commodities to Thailand, according to official data.
Fenaka slapped with MVR 4M fine
Fenaka Corporation has been slapped with MVR 4 million fine for building power houses at 21 islands without completion of the Environment Impact Assessment (EIA) process.
In a statement on Sunday, Environment Protection Agency (EPA) said they investigated Fenaka for building powerhouses at 21 islands without completing the EIA process. Following their investigation, EPA said they have fined Fenaka by MVR 4,200,000.
EPA’s statement read that information received during the investigation and the documents exchanged between the two parties established that physical works on the powerhouses commenced without completing the EIA process.
They also noted that Fenaka had been previously fined for violating the regulations of EIA.
The 21 islands where physical works on the powerhouses commenced without completion of EIA are;
Fenaka Has been instructed by EPA to settle the fine within 30 days, starting today.
EPA also called on Fenaka to adhere to regulations while undertaking projects.
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