Maldives Monetary Authority: Statement of Financial Position - April 2018

Transcription

1. STATEMENT OF FINANCIAL POSITION April 2018 Maldives Monetary Authority
2. MALDIVES MONETARY AUTHORITY STATEMENT OF FINANCIAL POSITION As at 30-Apr-2018 (IN MVR) RECLASSIFIED Note ASSETS Monday, April 30, 1 Foreign Currency Financial 1.01 Cash and balances with banks 1.02 IMF related assets 1.03 Subscriptions 1.04 Receivable from Asian 1‘05 Cheques for collection 1.06 Interest and other receivables 1.07 Investments in securities 2 to International 13,687,857,350.19 - Agencies Clearing Union 2.01 Balances with banks 2.02 Subscriptions 2.03 Cheques 10,205,222,564.66 528,882,994.61 537,785,636.56 830,976.00 833,681.00 — 2.04 Interest and other receivables 2.05 Investment in Government T-Bills 2.06 Long 2.07 Investment in Government bonds 2.08 Short term loans 74,155,746.50 23,319,188.15 18,067,565.64 2,048,957,960.44 1,964,445,165.44 Assets agencies 52,705,894.16 8,264,330.22 8,264,330.22 41,276,706.99 11,353,625.90 4,310.80 - 45,812,483.89 46,802,146.49 5,985,000.00 deposits - 6,208,813,974.51 6,214,997,063.26 819,293.93 815,514.39 Total Financial Assets 3 20,045,549,654.69 Local Currency Non—Financial 3.01 Gold and silver assets 3‘02 Inventories 3.03 Property, plant and equipment 3.04 Intangible 3.05 Other assets 3.06 Deferred " employee benefits lTotal Assets 4 4.02 Balances of Government and Government institutions 4.03 Payable 4.04 IMF related liabilities 4.05 Interest 4.06 Deposits of international financial institutions 4.07 Otherliabilities 5 171,920,531.29 173,996,151.69 40,560,913.99 40,100,439.60 21,947,906.75 22,563,860.07 5,669,740.35 6,131,876.14 125,377.06 128,777.40 20,317,076,416.1O to Asian bearing Clearing Union 6,567,744,841.95 314,910,170.26 338,089,035.54 230,539,783.22 95,638,577.55 550,41 1,901.91 559,676,793.77 92,732,989.38 94,314,328.58 830,976.00 833,681.00 2,157,526,174.03 467,699,469.98 10,446,922,641.34 Balances of Government and Government institutions Currency 5.04 Balances of insurance and remittance 5.05 Deposits of international financial institutions 5.06 Deposit insurance fund 5.07 Otherliabilities in circulation companies 5,624,292,823.71 571,010,613.10 1,337,966,633.30 3,500,208,932.64 3,452,472,620.67 13,792,176.20 13,792,176.20 10,236,502.53 10,236,502.53 721,400.29 339,407.08 275,599,715.53 334,985,587.73 Total Financial Liabilities 6.02 Deferred grants lTotal 7 19,809,337,899.13 Other Liabilities Pension and other benefits payable 7.02 Reserve ITotal Liabilities and 31,406,432.04 24,503,854.00 24,552,819.25 6,707,658.61 6,853,612.79 19,840,549,411.74 18,929,488,911.63 476,527,004.36 Equity Capital 18,898,082,479.59 31,211,512.61 employee Liabilities 7.01 10,774,085,751.22 6,075,353,301.05 5.03 6 8,123,996,728.37 6,015,463,262.99 Local Currency Financial Liabilities Balances of commercial banks 5.02 19,409,676,641.89 9,362,415,257.79 loans 6.01 | | Foreign Currency Financial Liabilities Balances of commercial banks 5.01 31,302,291.97 | 4.01 274,223,396.87 31,302,291.97 | EQUITY 19,135,453,245.02 271,526,761.41 - assets ILIABILITIES AND 6,334,942,885.22 6,357,692,304.50 46,720,514.96 to international term fixed 11,085,778,632.91 — for collection Equity | 2018 12,800,510,359.80 87,598.08 Currency Financial Local “ Thursday, March 29, 2018 480,187,730.26 50,000,000.00 50,000,000.00 426,527,004.36 430,187,730.26 | 20,317,076,416.10 END OF REPORT | | 19,409,676,641.89
3. EXPLANATORY NOTES TO THE STATEMENT OF FINANCIAL POSITION Following are explain the the explanatory notes for the Statement of Financial Position published as at 30 2018 . These notes April briefly nature and what these balances constitute of. ASSETS 1. 1.01 FOREIGN CURRENCY FINANCIAL ASSETS Cash and balances with banks: The balance under the deposits 1.02 held at local and International Monetary assets recorded are of foreign currency cash held in Maldives and banks. overseas IMF related assets: These heading comprises Fund. The balance result of as a being of IMF Quota, comprises the fiscal agent and Holdings of SDR depository of Maldives to the (Special Drawing Rights) and other receivables from IMF. 1.03 Subscriptions issued to international by Ministry agencies: The balance under the heading represents the foreign currency promissory of Finance and Treasury (MOFT) to International Financial Institutions as for subscriptions notes membership share and related purposes. 1.04 Receivable from Asia Clearing Union: The balance under the the 1.05 reporting Chegues heading represents the amounts receivable from ACU as at date. for collection: These foreign are currency cheques drawn on banks registered in Maldives which are received to MMA. 1.06 Interest and other receivables: These other 1.07 categories of Foreign are all interest and other Currency Financial Investments in securities: These are foreign amortised cost, fair value through profit classification of the as security currency securities and loss are not included in the or bought fair value for investment purposes which through other comprehensive are classified income based on as the per IFRS 9. LOCAL CURRENCY FINANCIAL ASSETS 2.01 Balances with banks: The balance under the 2.02 Subscriptions to international by Ministry currency receivables that Assets. 2. issued foreign heading comprises of local currency deposits held in local banks. agencies: The balance under the heading represents the local currency promissory of Finance and Treasury (MOFT) to International Financial Institutions for notes membership subscriptions and related purposes. 2.03 Chegues for collection: These are local currency cheques drawn on banks registered in Maldives which are received to MMA. 2.04 Interest and other receivables: These of Local 2.05 Currency Financial are all other local currency receivables that Government recorded at discount deposits: This is local currency fixed Long 2.07 Investment in Government bonds: This is the 2.08 of Finance and Short term loans: categories Treasury heading represents Treasury Bills (T-bills) purchased from the price. 2.06 Ministry not included in the other Assets. Investment in Government T-Bills: The balance under the term fixed are a principal deposit investment held at value of MMA’s holdings a local bank. of Government Bonds receivable from less repayments. The balance under this heading represents the fair value of the short term loans provided to staff.
4. 3 . LOCAL CURRENCY NON-FINANCIAL ASSETS 3.01 Gold and silver assets: This is the value of gold and silver held 3.02 Inventories: This is the value of the stock of currency notes and coins not issued into circulation. 3.03 Propertv, plant and equipment: This is the 3.04 Intangible 3.05 Other assets: These 3.06 Deferred employee benefits: These net book value of all assets: This is the net book value of all sundry receivables are are by MMA. intangible assets of MMA. and the balance of any the deferred fixed assets of MMA. tangible employee prepaid expenses by MMA. benefits of the short term loans provided to staff of MMA. LIABILITIES & EQUITY 4. FOREIGN CURRENCY FINANCIAL LIABILITIES 4.01 Balances of commercial banks: These fulfilling the 4.02 minimum are requirement reserve the USD balances and for payment commercial banks kept by clearing Balances of Government and Government institutions: These registered in Maldives for settlement purposes. are the foreign currency deposits of government and government institutions. 4.03 Payable to Asian Clearing Union: The balance under the heading represents the IMF related liabilities: These International accounts with 4.05 Interest Monetary are liabilities recorded Fund. The balance MMA, loans provided by loans: These bearing As at the reporting are result of being the fiscal agent and of IMF Allocation of IMF to Maldives and other loans undertaken by Maldives payables to ACU at as the designated as the for various purposes depository Other liabilities: These are for the on behalf of Republic all other of Maldives to the IMF Securities account, IMF deposit to IMF. Monetary Authority for various development date, the balance represents loans undertaken for the Bureau SDR, depository development of Mobile purposes. Interoperable Payment System. Deposits of international financial institutions: The balance under the heading represents the Foreign Currency 4.07 as a comprises System and establishment of a Credit Information 4.06 payable date. reporting 4.04 amounts institutions supranational as at the reporting amounts collected in dates. The Authority is of Maldives of these institutions. foreign currency liabilities that not included in the other are categories of Foreign Currency Financial Liabilities. 5. LOCAL CURRENCY FINANCIAL LIABILITIES 5.01 Balances of commercial banks: These fulfilling the minimum reserve are the MVR balances requirement, as kept by overnight placements commercial banks at MMA registered and for payment in Maldives for clearing settlement purposes. 5.02 Balances of Government and Government institutions: These are the local currency deposits of government and government institutions. 5.03 Currency in circulation: The balance under the Authority representing a claim on the Authority heading represents currency notes and coins issued into circulation in favor of the holder. by the
5. 5 .04 Balances of insurance and remittance companies: The balance under the insurance and remittance heading represents the statutory deposits of the in the Maldives. companies operating Deposits of international financial institutions: The balance under the heading represents the amounts collected in Local Currency for various as 5.06 5.07 the depository for the The balance under the insurance fund: Deposit Insurance Scheme. Other liabilities: These are institutions supranational at as the reporting dates. The Authority is designated of Maldives of these institutions. Republic Deposit Currency behalf of on purposes heading represents all other local currency liabilities that the amounts are not deposited by commercial banks under included in the other categories of Local Financial Liabilities. OTHER LIABILITIES 6.01 Pension and other emplovee benefits payable: The balance under the heading represents the pension amounts payable to staff and Maldives Pension Administration Office under Maldives Pension Act 8/2009. 6.02 Deferred grants: The balance under the heading represents the unutilized and other organizations. amount of grants received from the government ES QUITY gm: The balance under the heading represents the capital of the Authority in accordance with Chapter V, Section 25 of the MMA Act. Reserve: The balance under the heading comprises Available for Sale Reserve and the Accumulated profit of the General Reserve, the or loss as at the The General Reserve is established in accordance with Chapter V, Act, the Authority shall allocate 50% of the of the the Authorized Capital of the net profit after which the Authority, Reserve account until the General Reserve is equal twice the amount to the authorized Authority capital, the to reporting Foreign Asset Revaluation date. Section 27 of the MMA Act. As per the Authority, Authority Reserve, until such time as provision the General Reserve is of the equal to could allocate 25% of its Net Profit to the General twice the Authorized Capital. Once the General Reserve is equal shall credit to the General Reserve such amount determined to by the Board. The Foreign Authority's assets value of the Rufiyaa in Asset Revaluation Reserve or Rufiyaa, liabilities in or of any accordance with Available for Sale Reserve comprises gold, foreign change Chapter V, comprises in the of gains currencies or and losses arising from any other units of account, values, parities, or exchange rates in as a change in the valuation of the result of alterations of the external respect of such assets in relation to the section 28 of the MMA Act. of unrealized contractual cash flows and for sale to fair value. gains and losses arising from the valuation of securities held to collect