In a bid to alleviate the severe dollar shortage, the central bank reduced the Minimum Reserve Requirement for foreign currency deposits that banks must keep from 7.5 percent to five percent. "The purpose of this change is to increase the amount of foreign currency available in the Maldivian banking system," the Maldives Monetary Authority told the media.
After threatening to disrupt Independence Day celebrations with a run on Malé's main thoroughfare, the opposition MDP rescheduled its 20th anniversary run to August 1 as HDC relented and authorised the use of Hulhumalé's Central Park.
The transport ministry announced vehicle restrictions in Malé for Independence Day celebrations. Heavy-duty vehicles will be banned from 1pm to 6pm on Friday and from 6pm to 12am on Sunday. Driving any motorised vehicle will be prohibited from 3pm to 6:30pm on Sunday with exceptions for ambulances and buses.
Indian Prime Minister Narendra Modi's state visit "underscores the deep respect India holds for the Maldivian people" and "affirms that, despite political provocations, the Maldives has in India a reliable and time-tested friend," former president Solih said in a statement.
The agreements for 4,000 social housing flats in Hulhumalé allow repossession of apartments if tenants fail to pay rent for two months, the Fahi Dhiriulhun Corporation's managing director told Mihaaru, as the handover process continued amid difficulties caused by incomplete documentation.
Schools closed for a 16-day holiday after the end of the first term.
