AGP Executive Report
Last update: 11 hours agoDigital Payments Push: Bank of Maldives CEO Mohamed Shareef says the next five years will move the country toward “invisible” payments, where transactions run seamlessly behind the scenes via connected payment ecosystems and stronger digital identity tools. Merchant Financing Boost: BML also expanded its Advance Merchant Settlement, offering up to MVR 2 million for eligible merchants with faster processing (five working days) and auto-deductions from daily settlements. Consumer Credit Options: BML launched SplitPay, letting cardholders split purchases above MVR 1,500 into 3–24 month instalments at participating merchants. Tourism Revenue Snapshot: Maldives Inland Revenue Authority data shows tourism output tax rose 20.5% to USD 447m (Dec 2025–Feb 2026), with diving schools the fastest-growing segment (+47.7% revenue to USD 32.03m). Resort Reputation: Crown & Champa Resorts celebrated multiple Tripadvisor Travellers’ Choice Awards 2026 wins, including Jawakara Islands’ “Best of the Best.” Tourism Cost Pressure: A report highlights how higher travel and hotel costs are squeezing budgets, with Maldives sometimes ending up costing nearly as much as planned international trips. Policy & Governance: Government revenue from resort lease extensions, land sales and conversion fees reached USD 120m last year under revised Tourism Act fee incentives for early lump-sum payments. Anti-Corruption Drive: Mosques nationwide delivered a synchronized Friday sermon warning against corruption and bribery. International Ties: President Muizzu reaffirmed US partnership on the 250th anniversary of US Independence, and Maldives pledged USD 50,000 annually to UNRWA for Palestine refugees.
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