Economics

Maldives Banking System Faces Excess Liquidity Crisis with 6.7 Billion Rufiyaa Amid Forex Shortages

  • September 2, 2024

A recent report highlights that the Maldives banking system is grappling with 6.7 billion rufiyaa in excess liquidity, a legacy of money printing during the Covid-19 pandemic. This surplus liquidity is now being converted into loans, which is putting pressure on the country’s currency peg. According to Edition.mv, an online news portal, the Maldives Monetary

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Economics

Fitch Downgrades Maldives Credit Rating to ‘CC’ Amid Falling Reserves and Rising Debt

  • September 2, 2024

Fitch Ratings has downgraded the Maldives’ credit rating from CCC+ to CC, citing a decline in foreign reserves and the upcoming repayment of foreign debt and sukuk bonds starting next year. As of July, the country’s gross foreign reserves had fallen to 395 million USD, down from 492 million USD earlier. Domestic reports highlight growing

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