Maldives Monetary Authority (MMA) announces that preparations are underway to sell treasury bill and treasury bond in the secondary market.
Speaking at a function held to celebrate the 10th anniversary of Maldives Stock Exchange, the Governor of MMA, Mr Ahmed Naseer stated that the project will introduce different securities products in the share market.
He stated that a central depository and training system will be established within this year. In addition to corporate bond and Sukuk, MMA plans to introduce businesses and corporations to the secondary market and added that the project is a long-term plan.
Governor noted that the internal market is developing rapidly and investments are being funded through the internal market. He highlighted the MVR 10 billion fund of Maldives Pension Administration Office.
The Governor also spoke about MMA’s Maldives Payment System Project and mentioned that MMA observed the payment methods used in other countries.
“There is still a very big gap in our payment system. We do not have interoperability services or the option to withdraw cash from an ATM that has been deposited from a different bank. MMA is taking the initiative to upgrade the existing payment systems infrastructure in the Maldives, this is to ensure that our infrastructure supports innovative, integrated payment solutions” MMA’s payment system project will connect all banks and allow consumers to withdraw cash that has been deposited into another bank’s account.
As part of the Maldives Payment System Project, MMA started using Real-time Gross Settlement System (RTGS) in 2011. RTGS service is provided in the most developed countries worldwide.
In addition to RTGS, MMA has established an automatic clearance house and started providing direct credits service in 2012. From 2016 onwards, cheques deposited to all banks will be deposited through the automatic clearance house. MMA has also started providing direct debit services in 2017.