Maldives: Financial System Stability Assessment; and Press Release

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2023 Issue 404

Publication date: December 2023

ISBN: 9798400262708

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Topics covered in this book

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Banks and Banking , Finance , Money and Monetary Policy , Public Finance , International - Economics , Business and Financial , World Bank FSAP mission , risk analysis , IMF FSAP stress test result , MMA central government debt holding , FSAP finding , bank capitalization , Financial Sector Assessment Program , Stress testing , Financial sector stability , Global , Asia and Pacific

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Summary

Maldives is a tourist dependent economy with a small financial sector dominated by state-owned banks. Protracted fiscal and external deficits have raised concerns about debt sustainability and the level of international reserves. Large government funding needs have resulted in a strong sovereign-bank nexus, and rationing of foreign exchange by the Maldives Monetary Authority (MMA) has fueled a parallel foreign exchange market.