India arranges $200m currency swap to improve Maldives reserves

The last time India gave a currency swap to the Maldives was in December 2020, when it received USD 250 million, cleared this year.

9 December 2022

MMA concerned as budget lacks proposal to repay printed money

The MMA has pointed out that this is leading to a growing financial crisis.

11 November 2022

Reserve increases to $219m with bond sale to SBI

A bond of $100 million had been sold to State Bank of India to improve the reserves

30 December 2022

Banks reduce dollar issuance; changes for students abroad

MMA said that it will continue to provide dollars through banks to Maldivian students pursuing higher education abroad.

7 January 2023

Favara instant payment system unveiled to transform money flows

Favara is an acronym made using the Dhivehi words ‘Faseyha’ (easy), ‘Vaguthun’ (fast) and 'Rakkaatheri' (safe).

27 August 2023

Maldives to introduce Rufiyaa's digital currency version

The name given to the digital currency issued by a country's central bank is Central Bank Digital Currency (CBDC).

29 November 2022

Committee on bank account fraud made confidential

Since most of the agencies and members who went to the committee wanted it, the committee chairman decided to go ahead with the meeting in secrecy.

1 March 2023

Reserve decline worrisome?

By combining proceeds from bond sales, the amount of money in the current usable reserves will go up to USD 202.1 million.

4 December 2022