AGP Executive Report
Last update: 7 hours agoForeign Currency: The MMA has restricted the USD 1,000 medical-travel allowance to six destinations, citing a sharp rise in demand. USD 41.1 million was sold for medical purposes from January to September, nearly three times the total for all of last year; the USD 2,000 Aasandha allowance remains unchanged. Rasmale’ Investment: The Supreme Court registrar rejected a petition seeking to block Eagle Hills’ proposed USD 20 billion waterfront project, but the deal’s terms remain under scrutiny, with opposition lawmakers demanding disclosure. Eagle Hills hopes to finalize the agreement by November 11; the government says the development could create 15,000 permanent jobs. Credit Outlook: Moody’s upgraded the Maldives’ rating to Caa1 with a stable outlook, citing lower near-term default risk after major debt repayments and refinancing. Banking: Bank of Maldives reported a record MVR 1.93 billion nine-month profit, disbursed MVR 12.1 billion in loans and processed USD 2.86 billion in foreign payments. Forbes also included BML in its 2026 global ranking of top-performing banks. Remittances: Bangladesh’s central bank has proposed currency and payment arrangements with the MMA to help Bangladeshi workers in the Maldives send earnings home through formal channels.
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