MMA: Obstructions persist despite a better financial state

Maldives Monetary Authority (MMA), underscoring the state’s financial state looks positive, states obstructions still persist despite this.

The central bank’s deputy governor and other senior officials were summoned to the Parliament’s Public Accounts Committee on Wednesday. Speaking at the Committee, the officials said capital expenses have been significantly decreased from state expenditure as of present.

However, if the capital expenses were to be increased in the near future, the officials cited securing the funds for it as the biggest obstruction.

“As per the information we have received, the biggest challenge to raise capital expenditure and other expenditure will be the challenges surrounding raising financing,” the officials said.

MMA further said usable reserve will exceed USD 100 million by the end of this month.

The central bank cited upholding the security of foreign currency as the biggest challenge at the moment.

However, MMA noted that the paths providing an inflow of US dollars to the Maldives continue to strengthen.

The current administration ceased printing new bank notes after assuming which increased the value of Maldivian Rufiyaa and decreased the price of US dollars.