Maldives - Banking and securities

The Maldives Monetary Authority, established 1 July 1981, issues currency, advises the government on banking and monetary matters, supervises commercial banks, and manages exchange rates and exchange assets. Other banking services are provided by the Bank of Maldives (created in 1982) and commercial banks with headquarters in India, Pakistan, and Sri Lanka. The International Monetary Fund reports that in 2001, currency and demand deposits—an aggregate commonly known as M1—were equal to $135.3 million. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $271.6 million. The money market rate, the rate at which financial institutions lend to one another in the short term, was 6.8%. There is no securities exchange.

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