Maldives Monetary Authority: Statement of Financial Position - January 2018

Transcription

1. January 2018
2.                  MALDIVES MONETARY AUTHORITY STATEMENT OF FINANCIAL POSITION As at 31-January-2018 (IN MVR) Note ASSETS Wednesday, January 31, 2018 1 Foreign Currency Financial Assets 1.01 Cash and balances with banks 1.02 IMF related assets 1.03 Subscriptions to International Agencies 1.04 Cheques for Collection 1.05 Interest and other receivables 1.06 Investments in Securities 2 Local Currency Financial Assets 2.01 Balances with Banks 2.02 Subscriptions to international agencies 2.03 Cheques for Collection 2.04 Interest and other receivables Sunday, December 31, 2017 11,400,009,485.97 10,842,810,324.69 8,761,049,100.85 8,470,935,243.22 538,945,853.09 525,383,294.69 833,140.00 833,681.00 1,490,746.64 - 13,798,522.62 8,861,140.46 2,083,892,122.77 1,836,796,965.32 6,490,526,935.97 6,463,875,637.16 174,525,144.23 174,535,665.09 8,264,330.22 8,264,330.22 32,291,477.44 - 843,358.50 339,832.32 2.05 Investment in Government T-Bills 46,059,091.32 46,595,380.86 2.06 Investment in Government bonds 6,227,736,696.80 6,233,473,466.71 806,837.46 666,961.96 2.07 Short Term Loans Total Financial Assets 3 Local Currency Non-Financial Assets 3.01 Gold and silver assets 17,890,536,421.94 17,306,685,961.85 278,484,091.85 283,502,355.86 31,302,291.97 31,302,291.97 176,533,126.86 181,175,751.72 3.03 Property, plant and equipment 40,654,988.43 40,567,816.30 3.04 Intangible Assets 24,224,136.31 24,905,471.02 5,633,344.02 5,435,465.95 136,204.26 115,558.90 3.02 Inventories 3.05 Other assets 3.06 Deferred Employee Benefits 18,169,020,513.79 Total Assets 17,590,188,317.71 LIABILITIES AND EQUITY 4 Foreign Currency Financial Liabilities 4.01 Balances of commercial banks 7,226,872,889.78 6,569,932,919.70 5,673,874,445.82 5,047,794,076.11 4.02 Balances of government and government institutions 600,357,960.97 544,883,683.10 4.03 Payable to Asian Clearing Union 110,957,544.24 175,113,994.13 4.04 IMF related liabilities 560,777,187.99 546,666,646.80 94,097,240.85 91,748,326.49 4.05 Interest bearing loans 4.06 Deposits of international financial institutions 4.07 Other liabilities 833,140.00 833,681.00 185,975,369.91 162,892,512.07 5 Local Currency Financial Liabilities 5.01 Balances of commercial banks 5,142,496,011.35 5,563,079,610.43 5.02 Balances of government and government institutions 1,571,151,832.38 1,111,156,952.95 5.03 Currency in circulation 3,338,196,861.83 3,496,299,289.08 5.04 Balances of insurance companies 13,292,176.20 13,293,676.20 5.05 Deposits of international financial institutions 10,236,502.53 10,236,502.53 2,603,601.06 270,459.06 5.06 Deposit Insurance Fund 5.07 Balances of Remittance Companies 5.08 Other liabilities 10,471,041,507.94 10,570,847,595.58 500,000.00 500,000.00 392,564,522.59 376,011,105.33 Total Financial Liabilities 17,697,914,397.72 17,140,780,515.28 6 Other Liabilities 6.01 Pension and other employee benefits payable 5,273,944.22 11,945,341.05 5,320,502.93 6.02 Deferred grants 6,671,396.83 6,728,547.93 17,709,859,738.77 Total Liabilities 7 Equity 7.01 Capital 7.02 Reserve 12,049,050.86 17,152,829,566.14 459,160,775.02 437,358,751.57 50,000,000.00 50,000,000.00 409,160,775.02 387,358,751.57 18,169,020,513.79 Total Liabilities and Equity END OF REPORT 1 17,590,188,317.71
3. EXPLANATORY NOTES TO THE STATEMENT OF FINANCIAL POSITION Following are the explanatory notes for the Statement of Financial Position published as at 31 January 2018 . 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 local and 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 Cheques for collection: These are foreign currency cheques drawn on banks registered in Maldives which are received to MMA. 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 Investments in Securities: These are foreign currency securities bought for investment purposes which are classified as amortised cost, fair value through profit and loss or available for sale securities based on the nature of the security. 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 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. 2.03 Cheques 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 are all other local currency receivables that are not included in the other categories of Local Currency Financial Assets. 2.05 Investment in Government T-Bills: The balance under the heading represents Treasury Bills (T-bills) purchased from the Government recorded at discount price. 2.06 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. 2.07 Short Term Loans: The balance under this heading represents the fair value of the short term loans provided to staff. 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 net book value of all tangible fixed assets of MMA. 3.04 Intangible Assets: This is the net book value of all intangible assets of MMA. 3.05 Other Assets: These are sundry receivables and the balance of any prepaid expenses by MMA. 3.06 Deferred Employee Benefits: These are the deferred employee benefits of the short term loans provided to staffs of 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. 3
5. 5 .04 Balances of Insurance Companies: The balance under the heading represents the statutory deposits of the insurance companies operating in the Maldives. 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 Deposit Insurance Fund: The balance under the heading represents the amounts deposited by commercial banks under Deposit Insurance Scheme. 5.07 Balances of Remittance Companies: The balance under the heading represents the statutory deposits of the remittance companies operating in Maldives. 5.08 Other Liabilities: These are all other local currency liabilities that are not included in the other categories of Local Currency Financial Liabilities. 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: The balance under the heading represents the unutilized amount of grants received from the government and other organizations. 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, Available for Sale 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. Available for Sale Reserve comprises of unrealized gains and losses arising from the valuation of available for sale securities to fair value. 4