The latest Statement of Financial Position released by the Maldives Monetary Authority (MMA) for October 2025 underlines a steady and resilient macroeconomic backdrop that is especially reassuring for tourists, investors, and businesses engaging with the Maldivian economy. Total assets stood at MVR 31.08 billion as at 31 October 2025, edging up from MVR 31.00 billion in September, an increase of around MVR 78.7 million, or 0.25 percent, reflecting stable growth in the central bank’s balance sheet.
A key highlight for international observers is the strength of foreign currency financial assets, which reached MVR 15.50 billion in October, up from MVR 15.40 billion a month earlier (a rise of roughly MVR 99.8 million, or 0.65 percent). This portfolio comprises foreign currency cash and bank balances, IMF-related assets, subscriptions to international agencies, interest and other receivables, and a substantial investment book in foreign securities for reserve management. The ratio of foreign currency financial assets to foreign currency financial liabilities improved to about 1.19 times in October from 1.18 times in September, pointing to a comfortable cushion of liquid foreign assets relative to obligations, an important signal for currency stability and for the smooth conversion of foreign exchange generated by the tourism sector.
Local currency financial assets remained broadly stable at MVR 14.77 billion compared with MVR 14.78 billion in September. MMA’s domestic asset base is anchored by sizeable holdings of government treasury bonds amounting to MVR 14.09 billion, along with investments in government T-bills, local bank placements, and staff loans. This profile underlines the Authority’s role in supporting domestic public finance and financial sector liquidity, while still maintaining a conservative asset mix. In addition, local currency non-financial assets, covering gold and silver, inventories of currency notes and coins, property, plant and equipment, intangible assets and other items—stood at MVR 819.1 million in October, marginally lower than MVR 822.4 million in September, reflecting normal movements in operational assets.
Beyond other obligations, such as pensions and employment benefits payable and deferred grants were reported at MVR 17.9 million, broadly unchanged from September. Overall liabilities totalled MVR 29.53 billion, while equity improved from MVR 1.53 billion in September to MVR 1.55 billion in October. This almost 1 percent monthly rise in equity, driven by higher reserves, reinforces MMA’s capital position and its capacity to absorb shocks. The equity structure consists of MVR 50 million in capital and MVR 1.50 billion in reserves, which include a general reserve, revaluation reserves for foreign assets and property, fair value reserves for securities, and other actuarial-related reserves, in line with the MMA Act.
Explanatory notes published alongside the statement show a transparent and disciplined balance sheet framework. Foreign currency cash and bank balances capture deposits at home and abroad, while IMF-related assets and liabilities reflect the role of MMA as fiscal agent and depository for the Maldives at the Fund. Subscriptions to international agencies, denominated in both foreign and local currency, represent promissory notes issued by the Ministry of Finance for membership and related purposes. Government securities holdings (T-bills and treasury bonds) are recorded at appropriate values, and staff loans are measured at fair value. On the liability side, repurchase agreements are clearly identified as monetary policy instruments to manage excess liquidity; statutory and mandatory deposits from money changers, insurers, and payment service providers highlight regulatory safeguards in the financial system; and the deposit insurance fund balance reflects contributions net of investments in T-bills. Pension liabilities and deferred grants are presented separately, underscoring sound reporting of long-term obligations and project-related funding.
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