Entire Maldivian banking system to be assessed in 2016

Central bank – Maldives Monetary Authority (MMA) has said that they would be doing an assessment of entire Maldivian banking system by end on 2016.

Senior Manager of MMA, Manzoor Zubair told “Sun” on Saturday that though they realized the enormity of the task, they hoped to complete the assessment by end of this year.

“What we are doing is, conducting a risk assessment on entire system – assessment of banks, or banking system,” said Manzoor.

MMA is currently running a probe to evaluate the issues with banking system noted in special audit report on Maldives Marketing and Public Relations Corporation (MMPRC) corruption scandal.

It was noted in audit report that over 60 cheques valuing above USD 65 million had been banked to accounts of private companies in violation of board resolution sent to the bank by

MMPRC – with one signature instead of signatures of two employees of MMPRC.

Audit Office called for an investigation into the cases and legal action against those guilty.