Maldives Monetary Authority
Encyclopedia
Maldives Monetary Authority or MMA acts as the central bank
of the republic of Maldives
and was established on July 1, 1981, under the mandate
provided by the "MMA Act" of 1981. It is a member of the Asian Clearing Union
.
Its primary functions are to issue currency
, regulate the availability of Maldivian rufiyaa (MVR), promote its stability, manage licenses, supervise and regulate institutions in the financial sector, formulate and implement monetary policy
and to advise the government on issues relating to the economy
and financial systems.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of the republic of Maldives
Maldives
The Maldives , , officially Republic of Maldives , also referred to as the Maldive Islands, is an island nation in the Indian Ocean formed by a double chain of twenty-six atolls oriented north-south off India's Lakshadweep islands, between Minicoy Island and...
and was established on July 1, 1981, under the mandate
Mandate
Mandate can refer to:*Mandate , an obligation handed down by an inter-governmental body*Mandate , an official or authoritative command; an order or injunction*Mandate , the power granted by an electorate...
provided by the "MMA Act" of 1981. It is a member of the Asian Clearing Union
Asian Clearing Union
The Asian Clearing Union , with headquarters in Tehran, Iran, was established on December 9, 1974 at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific...
.
Its primary functions are to issue currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
, regulate the availability of Maldivian rufiyaa (MVR), promote its stability, manage licenses, supervise and regulate institutions in the financial sector, formulate and implement monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
and to advise the government on issues relating to the economy
Economy of Maldives
In ancient times the Maldives were renowned for cowries, coir rope, dried tuna fish , ambergris and Coco de mer...
and financial systems.