A digest of news and opinion from the Maldives.
Governor of the Maldives Monetary Authority (MMA), Ali Hashim has stated that the central bank is preparing to allow additional currencies to be used for import transactions, other than the US Dollar. Speaking at a Parliament Committee on Public Accounts, the Governor said that other currencies are being considered as an attempt to reduce demand […]
Maldives Monetary Authority (MMA), the central bank of the Maldives has once again increased the US Dollar allocation for banks. MMA had increased the issue of dollars to banks twice in the past due to the shortage that arose from the pandemic. According to a statement by MMA, in order to recover from the economic […]
During the 29th Sitting of the parliament on 19th August, Abdullah Jabir, the parliamentary representative for Kaafu Atoll’s Kaashidhoo constituency, had called out to remove the Maldives Monetary Authority (MMA) Governor from his position. “People are trading dollars for MVR19. MMA Governor hasn’t done anything about it.” Is this ignorance or incapability? The alarming rise […]
Maldives Monetary Authority (MMA) reveals on its report, that the total reserve of Maldives holds USD 702 million, while its usable reserve is at USD 152 million. According to the statistics published by MMA, the usable reserve of Maldives now holds USD 152.6 million. This amount was at USD 200 million during the month of […]
Maldives Monetary Authority (MMA) has revealed that the majority overdraw/monetize of MVR 4.2 billion to cover state expenses has been issued. According to a report published by MMA at the end of July, the government has taken an overdraw/monetize of over MVR 4 billion from the authority. This, in turn, indicates only a few amounts […]
Maldives Monetary Authority (MMA) stated that 20% of the businesses operating in the tourism sector continued its operations without dismissing employees or cutting wages due to the COVID-19 Pandemic. Bank of Maldives (BML) has published its business survey report for the second quarter (Q2) of 2020 revealing that the employment index had declined to -74. […]
The deputy Governor of Maldives Monetary Authority (MMA), Aishath Zahira, has retired on Wednesday after serving the authority for 31 years. Zahira tendered her retirement after completing two six-year terms as the deputy governor. The position of Deputy Governor was approved by the People’s Majlis after it was proposed by the president at the time. […]
Central Bank Maldives Monetary Authority (MMA) stated that the banks would resume its services on weekdays (Sunday to Thursday) starting from the 5th of July. This has been decided as the country has now entered into the 3rd phase of lockdown ease. MMA revealed in a tweet that the banking services will have been made […]
During an economic recession, some countries print currency to recapitalize their banks. This is to increase the monetization and to increase the money circulation in the economy. It aims to maintain the stability of the national financial system. It’s an economic instrument used by many countries during the shortage of money supply in the economy. […]