Connect with us

Business

MoECCT reveals new internet prices.

Avatar

Published

3 years ago

on

The Ministry of Environment , Climate Change and Technology has revealed their plans to lower the price of internet in the Maldives.

According to the Ministry, changes has been brought to internet prices and packages after the ministry‘s negotiation with ISPs. The changes brought to the existing packages are as follows.

Package Speed(Mbps)Allowance(GB)Price(MVR)Throttle Speed (Mbps)
5302502
151005005
252007005

They stated that with the current changes are expected to lower the price of internet for an estimated 60-75% of the population while the throttle speed of the packages has been elevated two and five times respectively.

According to the changes brought, the packages with a throttle speed of 2  MBps has been raised to 5MBps while the minimum national broadband speed has been raised to 5 MBps. In Addition to this all packages with a price tag of MVR300 and above will have a minimum throttle speed of 5 MBps.

The Ministry of Environment , Climate Change and Technology also revealed that they are working on laying additional submarine cables with the Nippon Telegraph and Telephone Corporation (NTT). According to the statement by the Ministry, the mist fiber cables by the NTT will allow for the Government of Maldives to purchase capacity without any intermediaries.

This investment is set to bring cater for the nations internet demands for years to come. This will allow for cheaper internet prices in the years to come. The Ministry is also set to establish an Internet Exchange Point in the Maldives which would allow for even cheaper and faster internet. This would also open up the Maldives for prospective data centers form foreign corporations, back offices of international companies and allow the Maldivian Banking system to provide their services to an international audience.

The Ministry of Environment , Climate Change and Technology affirmed that they would continue to regulate the price of internet in the Maldives and would continue to negotiate with ISPs.

The changes to the internet prices in the Maldives will be brought in two phases. The first phase will kick off on July 2021 where the fixed broadband services will see the price of the packages drop by 28-30%. The second phase of the changes will be in October 2021 where the price of mobile broadband packages will drop by 20-100%.

The Ministry of Environment , Climate Change and Technology also stated that internet has become a part of life and that it is a necessity for all walks of life. They also stated that internet is a basic necessity of life and that they would continue to work on making internet more accessible to the public with lower prices and better packages.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

MIB signs an agreement to expedite business registration process

FI

Published

47 mins ago

on

04/05/2024

By

Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

Continue Reading

Business

MTCC reports staggering 82.9% net profit drop

FI

Published

3 days ago

on

01/05/2024

By

Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

Continue Reading

Business

STO opens showroom in Hulhumale’

FI

Published

1 week ago

on

24/04/2024

By

State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

Continue Reading

Trending