Login
English
Adhadhu
Viuga
Adhadhu
Switch to English
ދިވެހި
Adhadhu
Adhadhu
ދިވެހިއަށް ބަދަލުކުރޭ
Business

BML celebrates achievements of Sports Scholarship recipients at IOIG

Sep 7, 2023, 9:37 AM
BML celebrates achievements of Sports Scholarship recipients at IOIG

Bank of Maldives (BML) on Wednesday held an event to celebrate the achievements of BML Sports Scholarship recipients who represented Maldives at the Indian Ocean Island Games (IOIG) 2023.

The BML Sports Scholarship was announced in partnership with Maldives Olympics Committee to provide fully funded scholarships for top national athletes to train and develop at recognized high performance training centres worldwide.

“Congratulations to each of you on your remarkable achievement. This is a big win for you and the Maldives; and we are proud to have been able to support you through our Sports Scholarship," BML CEO and Managing Director Karl Stumke stated.

Six recipients of the Sports Scholarship were part of the Maldives contingent, and the following athletes achieved medals at the IOIG:

  • Moosa Munsif Ahmed (Table Tennis) –Mixed Doubles (Gold), Men’s Doubles (Silver), and Men’s Team Event (Silver)
  • Fathimath Jumana Nimal (Table Tennis) – Women’s team event (Gold)
  • Mariyam Ru’ya Ali (Athletics) – Women’s 4x100m Relay (Bronze medal)
  • Shuba Mohamed Shareef (Badminton)– Women’s Team Event (Silver)
Indian Ocean Island Games 2023Bank Of Maldives (BML)

Comments

Read More

Open letter demands a stop to destroying natural heritage in Villimale'

Apr 2

BML seeks license to open branch in Sri Lanka

Mar 25

BML cardholders complain about restrictions on e-commerce websites

Feb 22

Government is trying to obscure the actual interest rate of Cargill loan: Ameer

Feb 12

Latest News

Government settles final $50 million debt to SBI

The government has fully repaid a $150 million debt to the State Bank of India, settling the final $50 million installment this month. The debt, originally incurred in 2019, was cleared in three stages under the current administration. This payment is part of a broader $2.3 billion effort to service foreign debt over the last two years.

Govt urged to suspend dollar mandate and tax changes

Tourism advocacy group Destination Future is urging the government to suspend a planned 40% foreign currency conversion mandate and new tax changes for tour operators. The group warns these measures could cause irreparable damage to the industry, which is already struggling with declining occupancy and rising supply costs.

Agents threaten Maldives boycott over proposed "double taxation"

Foreign tour operators are threatening to boycott the Maldives over a proposed 17% tax on their profit margins. Agents argue the "destination principle" policy leads to double taxation, as they already pay taxes in their home countries. Many warn they will shift focus to rival destinations if the government proceeds with the new regulations.

Insufficient funds for essentials after repaying $50 million loan

Former President Mohamed Nasheed warned that repaying a $50 million bond to India will deplete the Maldives' usable reserves. He cautioned that this financial strain will leave the government unable to afford essential imports like food, fuel, and medicine. The payment marks the final installment of a $150 million debt to the State Bank of India.

European tour operators are expressing concerns: Nasheed

Former President Mohamed Nasheed warned that a new mandate requiring resorts to convert 40% of foreign earnings into local currency could lead to bankruptcy. European investors and tour operators fear the policy leaves insufficient funds for dividends and debt. Nasheed urged the government to reconsider to avoid damaging investor confidence.

Expat wages must go through banks

The Maldives Home Ministry now requires all expatriate wages to be deposited into local bank accounts to be legally recognized. Cash payments are strictly prohibited, and employers failing to comply face fines or quota cancellations. This policy aims to address dollar shortages and ensure foreign workers receive their due compensation.

Usable reserves drop below levels after settling sukuk

The Maldives' usable reserves fell to $200.6 million last month following a $525 million sukuk settlement. Despite a slight rise in gross reserves to $643.8 million, increased short-term liabilities led to a 10% drop in available funds. Officials expect a recovery by year-end due to a surge in foreign currency exchange.

Newsletter

Get the latest news delivered straight to your inbox