Ex-central bank governor blamed for inaction over corruption scandal

The anti-money laundering watchdog’s former top official testified to a parliamentary committee.

Maldives central bank seeks vendors for new payment system

The system would allow users to make payments regardless of their bank or island of residence.

Maldives foreign currency reserve grows

Usable reserves – “the amount of funds that are readily available for use by the MMA in the foreign exchange market” – stood at US$205.6 million, enough to pay for about a month of imports

Loans and hospital blamed for depleted reserve

A 23 percent decrease in the usable reserves compared to June 2017 reflected “the increase in loan repayments and payments related to construction of the Dharumavantha Hospital,” the central bank explained.

Disgruntled flat winners told to secure housing loans by October 15

Some flat winners are unhappy with what they call “a forced entry into a ruinous loan scheme” after the central bank devised an affordable housing loan scheme to help pay for flats built in Malé by a subsidiary of India’s Tata Group.

Government announces austerity measures to rein in deficit

The finance ministry has slashed travel budgets, imposed a freeze on appointments, and ordered government offices to close by 2:30pm as it struggles to meet ambitious revenue targets.

Transparency calls for ‘broad investigation’ after corruption exposé

Anti-corruption NGO Transparency Maldives has called for a broad and independent investigation into allegations raised in an Al Jazeera exposé about systemic corruption, abuse of power and criminal activity at the highest level of government.

MDP questions sudden surge in foreign reserves

The main opposition Maldivian Democratic Party has called for an inquiry into the sudden hike in Maldives’ foreign reserves. The source of some US$400million is unknown, the party said in a report issued on Monday.

President blames Nasheed for Maldives losing correspondent bank

President Abdulla Yameen has blamed former President Mohamed Nasheed’s claims of Maldivians joining extremist groups in Syria for an international bank dropping the Maldives from its client list.

President asks bank to disclose account details to anti-corruption watchdog

The Maldives Islamic Bank had refused to share information about Yameen’s private bank account with the Anti-Corruption Commission for its investigation into the embezzlement of nearly US$80 million from the state-owned tourism promotion company.

Maldives central bank denies money laundering allegations

MDP Chairperson Ali Waheed had told the opposition-aligned Raajje TV last week that US$1.5 billion in cash was brought to the Maldives last year on a chartered flight, stored at the state treasury, and transferred to private bank accounts through the MMA.

Fake 500 rufiyaa bill of new banknote series spotted

The central bank has spotted a fake bill of the new banknote series that was introduced into circulation across the Maldives just last week.

New Maldives banknotes introduced into circulation

Following a launching ceremony at the president’s office, Dr Azeema Adam, the central bank’s governor, became the first to use the new banknotes for a purchase when she bought a papaya at the local market.

Counterfeit MVR500 notes in circulation

Mariyam Hussein Didi, assistant governor of MMA, told reporters on Monday that some 20 counterfeit MVR500 notes had reached the bank so far.

Minimum reserve requirement for banks reduced to 10 percent

The government has reduced the minimum reserve requirement (MRR) for commercial banks at the Maldives Monetary Authority (MMA) from 20 percent to 10 percent, Vice President Ahmed Adeeb revealed last night.

Independence 50 commemorative note on sale

An MVR5,000 (US$325) commemorative note issued by the Maldives Monetary Authority (MMA) to celebrate the golden jubilee of independence has been put on sale.

Government revenue declines in May

Revenue collection declined in May due to a decrease in tourist arrivals and decline in revenue from Business Profit Tax. The government expenses rose due to spending on recurrent expenses.

Maldivian economy grew by 8.5 percent in 2014, says MMA

Business activity increased in first quarter

Treasury bills and bonds rise to MVR17.6 billion, MMA reveals