MMA declines to comment on allegations made by ex-President Nasheed
Nasheed said that MMA’s Statement of Financial Position for February 2017 “is misleading.”
The Maldives Monetary Authority (MMA) offices in Malé
Maldives Monetary Authority (MMA) has refused to comment on allegations made by former President Mohamed Nasheed, claiming that MMA’s Statement of Financial Position for February 2017 “is misleading.”
The central bank released the Statement last week, which states that the bank’s usable foreign reserves were at USD 201.5 million.
In a tweet sent out on Friday night, the former President said that the “Maldives dollar reserve figure of USD 200 million is misleading.”
“USD 100 million from the Reserve Bank of India (RBI) and USD 75 million from State Bank of India (SBI) Malé, leaving USD 25 million from own reserves,” reads Nasheed’s tweet.
READ MORE: Nasheed claims publicized reserve amount is 'misleading'
MMA declined to comment on the allegations, adding that changes to the foreign currency reserve “are noted” in its reports.
MMA’s report further said that it had acquired “USD 100 million under a swap arrangement from RBI, to be paid with interest,” noting that the sum is a “bullet loan.” The currency swap arrangement with the RBI is “a short-term measure”, which will last for three months.
While the USD 100 million is equivalent to MVR 1.5 billion, Maldives will owe MVR 46 million, in addition to the MVR 1.5 billion.
RBI’s currency swap arrangement was introduced in November 2012, offering up to USD two billion in both foreign and Indian rupees to SAARC nations.
