New central bank governor meets all banks
According to statistics, Maldives needs USD 508 million to repay foreign loans this year.
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By
Aminath Shifleen
The new governor of the central bank Maldives Monetary Authority (MMA), Ahmed Munawwar, met with all the banks in the country on Sunday.
The purpose of the meeting is to strengthen interrelationships within the financial sector, the MMA said on its social media.
MMA met with:
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Bank of Maldives
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Maldives Islamic Bank
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Bank of Ceylon
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Mauritius Commercial Bank
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Habib Bank
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HSBC
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Commercial Bank of Maldives
While the Governor and MMA officials met with all banks in Maldives, the MMA had predicted that the usable reserves will be exhausted this month.
Maldives needs USD 70 million a month to import essential commodities. Therefore, the latest reserve figures released by the MMA show that there is just enough to import goods for 0.9 months.
According to statistics, Maldives needs USD 508 million to repay foreign loans this year.
Fitch has downgraded Maldives' rating to 'CCC+' as the country's official reserves are falling to record levels. It is the rating for countries with a very high probability of defaulting on foreign debt.
