AGP Executive Report
Last update: 9 hours agoSTELCO Board Appointment: Ex-Youth Ministry deputy minister Ahmed Nizam has been appointed to the State Electric Company (STELCO) board, bringing defence, diving, construction and resort project experience. Macroeconomy: Maldives GDP contracted 12.3% in Q2 2026, driven mainly by a sharp drop in tourist bed-nights and weakness in accommodation and food services. Anti-Corruption: The Anti-Corruption Commission seeks charges against former Maldives Ports Limited CEO Mohamed Junaid and ex-procurement head Abdul Wahab over alleged overpriced air-conditioning contracts. FX & Banking: Bank of Maldives says dollar transfer delays should ease by end of next week after measures to align dollar outflows with inflows. Currency Smuggling Crackdown: Six Bangladeshi nationals were arrested at Velana International Airport with MVR 3.86m in foreign currency hidden in cereal packets. Tourism & Trade: Visit Maldives says it’s moving beyond honeymoon-only demand, while ATM 2026 highlights broader, experience-led tourism and new airline partnerships. Fisheries Exports: Amberfish sea cucumber export quota has been opened for 10.95 tonnes over 12 months under CITES-linked controls. Debt Update: Maldives has completed repayment of India’s $150m treasury bill facility, with the final $50m settled via the Sovereign Development Fund.
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