Maldives: Statement of Financial Position - October 2021

Transcription

1. MALDIVES MONETARY AUTHORITY STATEMENT OF FINANCIAL POSITION OCTOBER 2021 mma .gov.mv1 Maldives Monetary Authority Statement of Financial Position - October 2021
2. STATEMENT OF FINANCIAL POSITION As at 31-Oct-2021 (All amounts in Maldivian Rufiyaa unless otherwise stated) Note Sunday, October 31, 2021 Thursday, September 30, 2021 ASSETS Foreign currency financial assets Cash and balances with banks IMF related assets Subscriptions to international agencies Receivable from Asian Clearing Union Interest and other receivables Investments in securities Total foreign currency financial assets 1 1.01 1.02 1.03 1.04 1.05 1.06 Local currency financial assets Cash and balances with banks Subscriptions to international agencies Cheques for collection Interest and other receivables Investment in Government T-Bills Advances to Government Investment in Government treasury bonds Investments held at local banks Short term loans Long term loans Total local currency financial assets 2 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 Total financial assets Local currency non-financial assets Gold and silver assets Inventories Property, plant and equipment Intangible assets Other assets Total local currency non-financial assets 3 3.01 3.02 3.03 3.04 3.05 Total assets 12,005,359,340 947,046,532 833,681 9,554,200 17,807,812 2,314,601,758 15,295,203,323 13,374,071,201 945,176,384 833,140 9,548,000 22,011,067 2,309,968,717 16,661,608,509 48,117,709 8,264,330 1,585,129 539,767 46,621,819 2,784,141,868 5,946,146,219 14,905,771 1,640,845 50,333 8,852,013,790 48,397,205 8,264,330 780,118 498,087 46,342,094 1,504,676,087 5,952,455,803 14,905,771 1,214,477 50,981 7,577,584,953 24,147,217,113 24,239,193,462 48,946,276 87,240,630 146,549,727 16,941,036 22,678,482 322,356,151 48,946,276 86,839,164 144,369,708 17,251,566 20,784,812 318,191,526 24,469,573,264 24,557,384,988 1 Maldives Monetary Authority Statement of Financial Position - October 2021 1
3. STATEMENT OF FINANCIAL POSITION As at 31-Oct-2021 (All amounts in Maldivian Rufiyaa unless otherwise stated) Note Sunday, October 31, 2021 Thursday, September 30, 2021 LIABILITIES Foreign currency financial liabilities Balances of commercial banks Balances of Government and Government institutions Payable to Asian Clearing Union IMF related liabilities Interest bearing loans Deposits of international financial institutions Other liabilities Deferred grants Total foreign currency financial liabilities 4 4.01 4.02 4.03 4.04 4.05 4.06 4.07 4.08 Local currency financial liabilities Balances of commercial banks Balances of Government and Government institutions Currency in circulation Balances of insurance and remittance companies Deposits of international financial institutions Deposit insurance fund Other liabilities Total local currency financial liabilities 5 5.01 5.02 5.03 5.04 5.05 5.06 5.07 Total financial liabilities Other liabilities Pension and other employment benefits payable Deferred grants Total other liabilities 6 6.01 6.02 Total liabilities EQUITY Capital Reserve Total equity 7 7.01 7.02 Total liabilities and equity 2 2 Maldives Monetary Authority Statement of Financial Position - October 2021 4,616,742,629 279,211,138 413,975,577 968,627,361 84,365,606 833,681 3,931,640,983 661,937 10,296,058,912 5,408,114,102 304,590,931 233,750,011 966,714,008 84,201,215 833,140 3,935,540,193 661,506 10,934,405,106 8,451,280,086 950,637,727 3,830,335,190 13,592,176 10,530,146 44,684 111,597,995 13,368,018,004 7,906,082,892 892,328,678 3,876,069,662 13,592,176 10,530,146 44,684 115,638,077 12,814,286,315 23,664,076,916 23,748,691,421 26,476,982 4,609,783 31,086,765 26,511,193 4,772,627 31,283,820 23,695,163,681 23,779,975,241 50,000,000 724,409,583 774,409,583 50,000,000 727,409,747 777,409,747 24,469,573,264 24,557,384,988
4. EXPLANATORY NOTES TO THE STATEMENT OF FINANCIAL POSITION Following are the explanatory notes for the Statement of Financial Position published as at 31 October 2021 . 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 to International Financial Institutions as subscriptions for membership share and related purposes. 1.04 Receivable from Asian 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 Investments in securities: These are investments in fixed income securities for foreign reserve management purposes which are classified as instruments held to collect contractual cashflows and for sale. 2. LOCAL CURRENCY FINANCIAL ASSETS 2.01 Cash and 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 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 the Authority. 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. 3 Maldives Monetary Authority Statement of Financial Position - October 2021 3
5. 2 .06 Advances to Government: These are loans issued to the Government of Maldives. 2.07 Investment in Government treasury bonds: This is the principal value of the Authority’s holdings of Government Bonds receivable from Ministry of Finance less repayments. 2.08 Investments held at local banks: These are local currency investments held at local banks. 2.09 Short term loans: This is the fair value of the short term loans provided to staff. 2.10 Long term loans: This is the fair value of the long term loans provided to staff. 3. LOCAL CURRENCY NON-FINANCIAL ASSETS 3.01 Gold and silver assets: This is the value of gold and silver held by the Authority. 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 the Authority. 3.04 Intangible assets: This is the net book value of all intangible assets of the Authority. 3.05 Other assets: This balance includes the deferred replacement costs of RDF notes, deferred employee benefits of the loans provided to staff of the Authority, sundry receivables and the balance of any prepaid expenses by the Authority. 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 the Authority and other payables to IMF. 4.05 Interest bearing loans: These are loans undertaken by the 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 4 Maldives Monetary Authority Statement of Financial Position - October 2021
6. 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. 4.08 Deferred grants: The balance under the heading represents the unutilized amount of grant received in foreign currency. 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 the Authority 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. 5.04 Balances of insurance and remittance companies: The balance under the heading represents the statutory deposits of the insurance and remittance 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: This is the net balance of the amounts deposited by commercial banks under Deposit Insurance Scheme less investments in Government T-Bills. 5.07 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 employment 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. 5 Maldives Monetary Authority Statement of Financial Position - October 2021 5
7. 7 .02 Reserve: The balance under the heading comprises of the General Reserve, the Foreign Asset Revaluation Reserve, FVOCI Reserve, Property Revaluation Reserve, Other Reserves 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, silver, 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. FVOCI Reserve comprises of unrealized gains and losses arising from the valuation of securities held to collect contractual cash flows and for sale. Property Revaluation Reserve comprises of revaluation gains arising from the revaluation of freehold land of the Authority. Other reserves comprises of re-measurement gains related to defined benefit plan arising from changes in underlying assumptions of retirement gratuity obligation. 6 6 Maldives Monetary Authority Statement of Financial Position - October 2021
8. MALDIVES MONETARY AUTHORITY Boduthakurufaanu Magu Male ’ - 20182 Republic of Maldives Tel: (960) 330 8679 Fax: (960) 332 3862 Email: mail@mma.gov.mv Website: www.mma.gov.mv