Maldives Monetary Authority: Statement of Financial Position 2016

Transcription

1. Dec ember2016
2. MALDIVES MONETARY AUTHORITY UNAUDITED STATEMENT OF FINANCIAL POSITION As at 29-Dec ember-2016 (IN MVR) Note ASSETS Thursday, December 29, 2016 1 Foreign Currency Financial Assets 1.01 Cash and balances with banks Tuesday, November 29, 2016 10,501,627,735.08 9,647,183,396.81 6,847,827,950.23 5,002,623,709.83 502,763,363.49 511,393,265.36 1.03 Subscriptions to International Agencies 830,435.00 833,681.00 1.04 Receivable from Asian Clearing Union 119,346.25 1.02 IMF related assets 1.05 Interest and other receivables 1.06 Cheques for Collection 1.07 Investments in Securities 2 2.02 Interest and other receivables 1,867,446,323.29 49,335.55 107,486,417.33 2,280,505,180.87 2,157,400,000.00 Local Currency Financial Assets 2.01 Balances with Banks - 869,532,123.69 9,464,666,144.42 7,920,119,112.93 40,973,350.57 13,198,817.07 3,072,250,000.00 1,537,250,000.00 8,264,330.22 8,264,330.22 2.04 Investment in Government bonds 6,304,271,706.36 6,309,852,788.01 2.05 Investment in Government T-Bills 38,906,757.27 2.03 Subscriptions to international agencies 2.06 Cheques for Collection 51,553,177.63 Total Financial Assets 3 19,966,293,879.50 Local Currency Non-Financial Assets 3.01 Gold and silver assets - - 17,567,302,509.74 270,944,290.92 303,974,622.60 27,411,035.11 25,711,966.87 179,237,017.83 216,254,323.35 3.03 Property, plant and equipment 38,921,496.82 39,051,404.77 3.04 Intangible Assets 23,285,526.39 20,451,872.32 2,089,214.77 2,505,055.29 3.02 Inventories 3.05 Other assets Total Assets 20,237,238,170.42 17,871,277,132.34 LIABILITIES AND EQUITY 4 Foreign Currency Financial Liabilities 7,855,978,215.48 6,809,155,000.87 3,717,797,414.66 3,282,658,756.33 4.02 Balances of government and government institutions 151,700,135.62 125,755,932.91 4.03 Payable to Asian Clearing Union 123,619,382.54 66,276,785.79 4.04 IMF related liabilities 522,778,450.02 531,672,549.10 4.05 Interest bearing loans 86,741,890.38 87,869,000.08 4.01 Balances of commercial banks 4.06 Deposits of international financial institutions 4.07 Other liabilities 5 830,435.00 833,681.00 3,252,510,507.26 2,714,088,295.66 Local Currency Financial Liabilities 5.01 Balances of commercial banks 12,076,238,741.37 5,462,363,786.80 10,707,845,341.15 5,387,343,450.53 680,834,796.96 869,622,986.96 3,243,533,609.07 3,254,145,454.03 5.04 Balances of insurance companies 13,348,619.20 13,348,619.20 5.05 Deposits of international financial institutions 10,462,502.53 10,462,502.53 1,130,654,375.24 1,166,953,219.86 41,051.57 5,969,108.04 5.02 Balances of government and government institutions 5.03 Currency in circulation 5.06 Other liabilities 5.07 Deposit Insurance Fund 5.08 Other Central Banks 1,535,000,000.00 Total Financial Liabilities 6 19,932,216,956.85 Other Liabilities 6.01 Pension and other employee benefits payable 6.02 Deferred grants 7 23,673,273.78 23,034,880.20 5,367,884.93 18,093,778.26 17,666,995.27 19,955,890,230.63 Equity 7.02 Reserve 17,517,000,342.02 5,579,495.52 Total Liabilities 7.01 Capital - 17,540,035,222.22 281,347,939.79 331,241,910.12 50,000,000.00 50,000,000.00 231,347,939.79 281,241,910.12 Total Liabilities and Equity 20,237,238,170.42 END OF REPORT 1 17,871,277,132.34
3. EXPLANATORY NOTES TO THE STATEMENT OF FINANCIAL POSITION Following are the explanatory notes for the Balance Sheet published as at 29 December 2016 . These notes briefly explain the nature and what these balances constitute of. ASSETS 1. FOREIGN CURRENCY FINANCIAL ASSETS 1.01 Cash and Balances with Banks: The balance under the heading comprises of foreign currency cash held in Maldives and deposits held at overseas banks. 1.02 IMF related assets: These are assets recorded as a result of being the fiscal agent and depository of Maldives to the International Monetary Fund. The balance comprises of IMF Quota, Holdings of SDR (Special Drawing Rights) and other receivables from IMF. 1.03 Subscriptions to International Agencies: The balance under the heading represents the foreign currency promissory notes issued by Ministry of Finance and Treasury (MOFT) to International Financial Institutions as subscriptions for membership share and related purposes. 1.04 Receivable from Asia Clearing Union: The balance under the heading represents the amounts receivable from ACU as at the reporting date. 1.05 Interest and other receivables: These are all interest and other foreign currency receivables that are not included in the other categories of Foreign Currency Financial Assets. 1.06 Cheques for collection: These are foreign currency cheques drawn on banks registered in Maldives which are received to MMA. During the year these cheques will be presented for clearing on the next business day and at the end of the year it will be cleared on the same business day. 1.07 Investments in Securities: These are foreign currency securities bought for investment purposes. 2. LOCAL CURRENCY FINANCIAL ASSETS 2.01 Balances with Banks: The balance under the heading comprises of local currency deposits held in local banks. 2.02 Interest and other receivables: These are all other local currency receivables that are not included in the other categories of Local Currency Financial Assets. 2.03 Subscriptions to International Agencies: The balance under the heading represents the local currency promissory notes issued by Ministry of Finance and Treasury (MOFT) to International Financial Institutions for membership subscriptions and related purposes. 2.04 Investment in Government Bonds: This is the principal value of MMA’s holdings of Government Bonds receivable from Ministry of Finance and Treasury less repayments. 2.05 Investment in Government T-Bills: Treasury Bills (TBills) purchased from the Government recorded at face value less credits recognised as TBills Deffered Discount accrued as at the reporting date. 2.06 Cheques for collection: These are local currency cheques drawn on banks registered in Maldives which are received to MMA. During the year these cheques will be presented for clearing on the next business day and at the end of the year it will be cleared on the same business day. 2
4. 3 . LOCAL CURRENCY NON-FINANCIAL ASSETS 3.01 Gold and silver assets: This is the value of gold and silver held by MMA. 3.02 Inventories: This is the value of the stock of currency notes and coins not issued into circulation. 3.03 Property, plant and equipment: This is the value of all tangible fixed assets recorded at cost less depreciation. 3.04 Intangible Assets: This is the value of all intangible assets and its associated development costs less accumulated amortization and impairment losses. 3.05 Other Assets: These are sundry receivables and the balance of any prepaid expenses by MMA. LIABILITIES & EQUITY 4. FOREIGN CURRENCY FINANCIAL LIABILITIES 4.01 Balances of Commercial Banks: These are the USD balances kept by commercial banks registered in Maldives for fulfilling the minimum reserve requirement and for payment clearing settlement purposes. 4.02 Balances of Government and Government Institutions: These are the foreign currency deposits of government and government institutions. 4.03 Payable to Asian Clearing Union: The balance under the heading represents the amounts payable to ACU as at the reporting date. 4.04 IMF related liabilities: These are liabilities recorded as a result of being the fiscal agent and depository of Maldives to the International Monetary Fund. The balance comprises of IMF Allocation of SDR, IMF Securities account, IMF deposit accounts with MMA, loans provided by IMF to Maldives and other payables to IMF. 4.05 Interest bearing loans: These are loans undertaken by Maldives Monetary Authority for various development purposes. As at the reporting date, the balance represents loans undertaken for the development of Mobile Interoperable Payment System and establishment of a Credit Information Bureau System. 4.06 Deposits of International Financial Institutions: The balance under the heading represents the amounts collected in Foreign Currency for various purposes on behalf of supranational institutions as at the reporting dates. The Authority is designated as the depository for the Republic of Maldives of these institutions. 4.07 Other Liabilities: These are all other foreign currency liabilities that are not included in the other categories of Foreign Currency Financial Liabilities. 5. LOCAL CURRENCY FINANCIAL LIABILITIES 5.01 Balances of Commercial Banks: These are the MVR balances kept by commercial banks registered in Maldives for fulfilling the minimum reserve requirement, as overnight placements at MMA and for payment 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 heading represents currency notes and coins issued into circulation by the Authority representing a claim on the Authority in favor of the holder. The liability for currency in circulation is recorded at face value in the statement of financial position. 5.04 Balances of Insurance Companies: The balance under the heading represents the statutory deposits of the insurance companies operating in the Maldives. 3
5. 5 .05 Deposits of International Financial Institutions: The balance under the heading represents the amounts collected in Local Currency for various purposes on behalf of supranational institutions as at the reporting dates. The Authority is designated as the depository for the Republic of Maldives of these institutions. 5.06 Other Liabilities: These are all other local currency liabilities that are not included in the other categories of Local Currency Financial Liabilities. 5.07 Deposit Insurance Fund: The balance under the heading represents the amounts deposited by commercial banks under the Deposit Insurance Scheme. This scheme was established under the ‘Deposit Insurance Scheme Regulation’ that came into effect on 24th August 2015 and all 7 banks in the country are members. Under this scheme, deposits are covered up to MVR 30,000 or its equivalent in foreign currency deposits, per depositer per member bank. In addition to an initial contribution that is payable over maximum 5 years, all member banks are required to pay an annual premium to the fund. 5.08 Other Central Banks: The balance under the heading represents the deposits held at MMA by other central banks. 6. OTHER LIABILITIES 6.01 Pension and other employee 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: Grants received from the government and other organizations recorded at fair value less credits recognized as deferred revenue from amortization of the total grant value. 7. EQUITY 7.01 Capital: The balance under the heading represents the capital of the Authority in accordance with Chapter V, Section 25 of the MMA Act. 7.02 Reserve: The balance under the heading comprises of the General Reserve, the Foreign Asset Revaluation Reserve and the accumulated profit or loss as at the reporting date. The General Reserve is established in accordance with Chapter V, Section 27 of the MMA Act. As per the provision of the Act, the Authority shall allocate 50% of the net profit of the Authority, until such time as the General Reserve is equal to the Authorized Capital of the Authority, after which the Authority could allocate 25% of its Net Profit to the General Reserve account until the General Reserve is equal to twice the Authorized Capital. Once the General Reserve is equal to twice the amount to the authorized capital, the Authority shall credit to the General Reserve such amount determined by the Board. The Foreign Asset Revaluation Reserve comprises of gains and losses arising from any change in the valuation of the Authority's assets or liabilities in gold, foreign currencies or other units of account, as a result of alterations of the external value of the Rufiyaa, or of any change in the values, parities, or exchange rates in respect of such assets in relation to the Rufiyaa in accordance with Chapter V, section 28 of the MMA Act. 4