DOCSLIB.ORG

ANNUAL REPORT 2006 Page 2

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ANNUAL REPORT 2006 Page 2 © 2006 Maldives Monetary Authority Published in 2007 ISBN 99915‐63‐02‐4 Maldives Monetary Authority 3rd Floor, Umar Shopping Arcade Chaandhanee Magu Male’ 20156 Republic of Maldives Tel: (960) 3312343 Fax: (960) 3323862 Telex: 77055 BOLI MF SWIFT: MMAUMVMV Email: [email protected] Website: www.mma.gov.mv cf ANNUAL REPORT Page 2006 1 MALDIVES MONETARY AUTHORITY, ANNUAL REPORT 2006 Page 2 MALDIVES MONETARY AUTHORITY, ANNUAL REPORT 2006 LETTER OF TRANSMITTAL MALDIVES MONETARY AUTHORITY Malé, Republic of Maldives Dear Sir, In accordance with Arti cle 35 (2) of Maldives Monetary Authority Act (1981), I have the honour to submit the Annual Report of the Maldives Monetary Authority for 2006, which includes a copy of the Financial Statements for the year ended 31st December 2006, audited by the Government Audi- tors. Yours sincerely, Page 3 Qasim Ibrahim Governor H.E. Maumoon Abdul Gayoom, President of the Republic of Maldives, Offi ce of the President, Malé. MALDIVES MONETARY AUTHORITY, ANNUAL REPORT 2006 CONTENTS Lett er of Transmitt al ................................................................................................................................ 3 List of Acronyms ...................................................................................................................................... 6 An Overview of the Maldives Monetary Authority ................................................................................... 7 Organisati onal Chart of the Maldives Monetary Authority .......................................................................9 Board of Directors and Senior Offi cials .....................................................................................................10 Preface .................................................................................................................................................... 11 Economic Review ..................................................................................................................................... 13 I. Domesti c Economic Review .................................................................................................................. 15 1. Overview ........................................................................................................................................... 15 2. Producti on, Prices and Employment ................................................................................................. 17 2.1 Tourism ........................................................................................................................................ 17 2.2 Fisheries ....................................................................................................................................... 18 Page 2.3 Constructi on ............................................................................................................................... 20 2.4 Agriculture ................................................................................................................................... 20 4 2.5 Distributi on .................................................................................................................................. 21 2.6 Employment ................................................................................................................................ 21 2.7 Infl ati on ....................................................................................................................................... 22 3. Public Finance .................................................................................................................................... 23 4. Financial Sector ................................................................................................................................. 24 4.1 Structure of Financial Sector ...................................................................................................... 24 4.2 Monetary Policy and Monetary Developments ..........................................................................25 4.2.1 Monetary Aggregates ....................................................................................................... 25 4.2.2 The Monetary Base ........................................................................................................... 26 4.2.3 Counterparts of Monetary Growths ................................................................................. 26 4.3 Operati ons of the Commercial Banks ......................................................................................... 27 4.4 Non-Bank Financial Acti viti es ..................................................................................................... 28 4.5 Capital Market ........................................................................................................................... 28 5. Balance of Payments ......................................................................................................................... 29 5.1 Current Account ......................................................................................................................... 29 5.2 Merchandise Trade ..................................................................................................................... 29 5.3 Services, Income and Current Transfers ...................................................................................... 31 5.4 Capital and Financial Accounts ................................................................................................... 31 5.5 Overall Balance of Payments and Internati onal Reserves .......................................................... 32 6. Exchange Rate and Interest Rate Developments ..............................................................................32 7. External Debt..................................................................................................................................... 33 MALDIVES MONETARY AUTHORITY, ANNUAL REPORT 2006 II. Internati onal Economic Review .............................................................................................................34 Administrati on and Operati ons...................................................................................................................39 Board Meeti ngs..........................................................................................................................................41 Key Operati onal Developments..................................................................................................................41 Human Resource Management and Development....................................................................................42 Technical Assistance .................................................................................................................................47 Financial Statements..................................................................................................................................49 Audit Report.............. ......................................................................................................... .......................51 Income Statement.............. ................................................................................................ .......................52 Balance Sheet.............. ....................................................................................................... .......................53 Notes to the Financial Statements.............................................................................................................55 Appendices.................................................................................................................................................57 Appendix 1 Stati sti cal Tables .................................................................................................................59 Appendix 2 Commercial Banks Operati ng in the Maldives ....................................................................78 Monetary Measures and Prudenti al Regulati ons...............................................................78 Charts Chart 1 GDP by Major Sectors, 2002 - 2006 ............................................................ ........................15 Chart 2 Tourist Bednights, 2002 - 2006. .................................................................. ........................17 Chart 3 Tourist Arrivals by Nati onality, 2002 - 2006 ................................................ ........................18 Chart 4 Fish Landings and Exports, 2002 - 2006 ...................................................... ........................19 Chart 5 Expatriate Employment by Industry, 2006 .................................................. ....................... 21 Page Chart 6 Infl ati on, 2002 - 2006. ................................................................................. ........................22 Chart 7 Government Revenue and Grants, 2002 - 2006 ..................................................................23 5 Chart 8 Government Expenditure, 2002 - 2006 ....................................................... ........................24 Chart 9 Monetary Indicators, 2002 - 2006 .......................................................................................25 Chart 10 Domesti c Credit, 2002 - 2006 ..................................................................... ........................26
Load more

Recommended publications
  • Report of the Regional Director
    The W ork of WHO in the South-East Asia Region 2018 The Work of WHO in the South-East Asia Region Report of the Regional Director Report of the Regional Director This report describes the work of the World Health Organization in the South-East 1 January–31 December Asia Region during the period 1 January–31 December 2018. It highlights the achievements in public health and WHO's contribution to achieving the 1 January–31 December 2018 Organization's strategic objectives through collaborative activities. This report will be useful for all those interested in health development in the Region. ISBN 978 92 9022 717 5 www.searo.who.int https://twitter.com/WHOSEARO https://www.facebook.com/WHOSEARO 9 789290 227175 SEA/RC72/2 The work of WHO in the South-East Asia Region Report of the Regional Director 1 January–31 December 2018 The Work of WHO in the South-East Asia Region, Report of the Regional Director, 1 January–31 December 2018 ISBN: 978 92 9022 717 5 © World Health Organization 2019 Some rights reserved. This work is available under the Creative Commons Attribution-NonCommercial- ShareAlike 3.0 IGO licence (CC BY-NC-SA 3.0 IGO; https://creativecommons.org/licenses/by-nc-sa/3.0/ igo). Under the terms of this licence, you may copy, redistribute and adapt the work for non-commercial purposes, provided the work is appropriately cited, as indicated below. In any use of this work, there should be no suggestion that WHO endorses any specific organization, products or services. The use of the WHO logo is not permitted.
    [Show full text]
  • Nctc Newsletter 1615
    NCTC NEWSLETTER Volume 08 – 01-15 July, 2018 IN THIS ISSUE • NCTC and UNODC conducts the National Legislative Workshop • Maldives hosts international conference “Fatwa: A Way of Promoting Peace” • Islamic University of Maldives conducts the International Conference on Islamic Awakening • NCTC and partner agencies visits Japan on a study tour • A delegation from Maldives GOVERNMENT OF MALDIVES participates in the Cross ENHANCES EFFORTS IN COUNTERING Regional Workshop in TERRORISM AND VIOLENT EXTREMISM Malaysia • Joint Working Group of NCTC, MNU and IUM meets to discuss CVE efforts • UNODC team meets the local NGOs RAFY and WEAM • Pre Planning meeting with AVSECOM to identify training requirements “Islam remains the basis of all the laws in Maldives which proves the significance of Islam and Sharia in Maldives. ” Vice President of Maldives, His Excellency Abdulla Jihad HOTLINE 1615 www.nctc.gov.mv NCTC NEWSLETTER Volume 08 – 01-15 July, 2018 NCTC AND UNODC CONDUCTS THE NATIONAL LEGISLATIVE WORKSHOP 3-5 July 2018 Subject Matter Experts from the United Nations Office on Drugs and Crimes (UNODC) Counter Terrorism Branch, “ Member States of the United Nations, taking International Maritime organization (IMO) and into consideration the principles enshrined participants from Maldives Coast Guard, Maldives Police in the Charter of the United Nations, must Service, Maldives Transport Authority, Prosecutor work towards the maintenance of General’s Office, Attorney General’s Office and the international peace and security, regardless Financial Intelligence Unit of Maldives Monetary Authority delivered papers and on a wide range of topics of the size of the country. related to International Legal Frameworks, ISPS Codes, H.E.
    [Show full text]
  • Offering New Investment Opportunities Across the Board
    GLOBAL INSIGHT MALDIVES THE MALDIVES Offering new investment opportunities across the board Future Outlook: Sunny As one of the world’s most sought-after holiday destinations, the Maldives has bounced back from the tsunami disaster to outperform all fi nancial predictions, and is looking to double its tourism capacity by 2010. With its private resorts, coral solutions. “Having celebrated 40 key sectors, fi shing and tourism, Qasim Ibrahim, Mahamood reefs and white-sand beaches, years of diplomatic relations last cannot be underestimated.” Minister of Finance Shougee, the Maldives can lay easy claim year, Japan and the Maldives On the verge of graduating & Treasury Minister of Tourism to being the last word in para- continue to forge strong ties from Less Developed Country & Civil Aviation dise. Last year, tourist arrivals and it continues to be one of our to Middle-Income status, the hit record levels with new resort most important development Maldives is seeing growth in developments swelling the partners,” says Qasim Ibrahim, international trade at between Industry notes: “Most people are Abdulla Mausoom of the economy by 18 percent. minister of fi nance. “There is 10 percent and 15 percent, while looking for private islands with Maldives Tourism Promotion To keep up with demand, the good feeling and a strong friend- an open economy makes it an personal space. They have a love Board notes how the Japanese government is continuing to look ship with the Japanese, and their attractive place to invest, as well of beauty and nature. Other seg- are the country’s fi fth most to Japanese investors for win-win role in terms of investment in our as relax, in.
    [Show full text]
  • John Turner Commonwealth Secretariat
    Report following a review of the Maldives’ electoral laws, regulations and other related legislation, procedures and administrative mechanisms John Turner Commonwealth Electoral Adviser November/December 2004 Commonwealth Secretariat Ref: JWT/Report on election - 1 - Contents Part Subject Page 1 Executive Summary 3 2 Background 4 3 Constitutional and Electoral Arrangements 4 in the Maldives 4 Scope of the Assignment 5 5 Methodology 7 6 Field visit to Haa Alifu and Haa Dhaalu atolls 7 7 General Principles relating to Electoral 10 arrangements 8 The administration of elections 10 9 Transparency and voter confidence 20 10 Hearing of complaints - campaigning and 22 the voting process 11 Controls to avoid corruption and the role of 23 money in the electoral process 12 Voter education 25 13 Effective campaigning 26 14 Control of political parties 27 15 Proportionate representation 29 16 Local governance 30 17 Strategic Plan 31 List of Appendices 31 Appendix 1A - Terms of Reference 33 Appendix 1B - Terms of Reference - Revised 34 Appendix 2 - Schedule of engagements 35 Appendix 3 - List of Reference Materials 38 Appendix 4 - Constituency electorates 39 Appendix 5 - Summary of Recommendations from 40 NDI Report Appendix 6 - Strategic Plan 44 Ref: JWT/Report on election - 2 - REPORT OF JOHN TURNER, COMMONWEALTH ELECTORAL ADVISER REPUBLIC OF MALDIVES NOVEMBER/DECEMBER 2004 1. Executive Summary 1.1 This report has been prepared as a result of an assessment visit and review of the legal framework for elections in the Republic of Maldives. It has been prepared against the backdrop of constitutional and other reforms proposed by the President, His Excellency Mr.
    [Show full text]
  • Maldives Human Development Report 2014
    Empowered lives. Resilient nations. Maldives Human Development Report 2014 Bridging The Divide : Addressing Vulnerability, Reducing Inequality Maldives Human Development Report 2014 Bridging The Divide : Addressing Vulnerability, Reducing Inequality Copyright © 2014 By the Ministry of Finance and Treasury and the United Nations Development Programme in the Maldives All rights reserved. The document or extracts from this publication may, however, be freely reviewed, quoted, reproduced or translated, in part or in full, provided the source is given due acknowledgement. The views expressed in this publication are those of the author(s) and do not necessarily represent those of the United Nations, including UNDP, or their Member States. Published by: The Ministry of Finance and Treasury and the United Nations Development Programme in the Maldives Cover and Layout design by: Hussain Furushaan and Hassan Eeman / Bihura Studio First published in June 2014 4 | ACKNOWLEDGEMENTS NATIONAL RESEARCH & PEER REVIEWER WRITING TEAM Professor A.K. Shiva Kumar Aishath Raniya Sobir, Lead Author, Blanco Private Limited Fathmath Shiuna, EDITOR Blanco Private Limited Lamya Ibrahim, Nandini Oberoi Blanco Private Limited Shirana Shafeeq, Blanco Private Limited PROJECT TEAM Athifa Ibrahim, NATIONAL STEERING Head of Policy and Inclusive Growth, UNDP Mohamed Naahee Naseem, COMMIttee Communications and Advocacy Associate, UNDP Ali Shareef, Abdul Haleem Abdul Ghafoor, Project Assistant, UNDP Deputy Minister, Ministry of Finance and Treasury Ahmed Naeem, (Chairperson)
    [Show full text]
  • SOUTH ASIA TRENDSSOUTH ASIA TRENDS November 2015
    SOUTH ASIA TRENDSSOUTH ASIA TRENDS November 2015 November 2015 South Asia Trends is a monthly newsletter on South Asian affairs. The purpose of the newsletter is to provide a panoramic view of important events that shape and impact the politics of the subcontinent. The effort would be to inform our readers of the domestic, regional and international repercussions of the political debates and diplomatic engagements that take place in South Asia. Compiled & Edited by Gulbin Sultana 1 SOUTH ASIA TRENDS November 2015 Editor’s Note he current issue reflects the major political, economic and foreign policy Tdevelopments in the South Asian countries including Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka. The section on Afghanistan focuses on the worsening security situation in the country and the flow of Afghan refugees in the Western countries. The issue of "war crime trial in Bangladesh "has once again made headlines in media after the execution of two war criminals in November. Bangladesh reacted sharply on Pakistan's foreign office statement, voicing "deep concern and anguish" over the execution; and on the statement issued by the Amnesty International which suggested implication of the "pro-independence forces" too for committing "serious crimes". Emphasising its priority to improve Bhutan's relations with other countries, Government of Bhutan has held several meetings in the month of November with officials of foreign countries including the EU, Germany, India, Italy, Sweden and Sri Lanka on the issues mutual interests. State of Emergency was declared for 30 days by the President of Maldives Abdulla Yameen. However, he had to revoke the emergency early due to the international pressure.
    [Show full text]
  • Eueom Fr Maldives 2009
    EUROPEAN COMMISSION EIDHR – NEW Democracy and Human Rights EU Election Expert Mission to the Maldives FWC Benef 2008/162374 Final Report 19 November 2008 EU/EEM Page: 2 Republic of the Maldives – Presidential Election, 8 October and 28 October 2008 Final Report (2nd DRAFT) _____________________________________________________________________________________________ This project is funded by the European Union This project is realised by ARS Progetti and BBJ Consult Dialogue Consortium-Framework Contract BENEF Lot 7 I. EXECUTIVE SUMMARY.......................................................................................................................... 4 II. INTRODUCTION........................................................................................................................................ 8 III. BACKGROUND............................................................................................................................................ 9 A. POLITICAL CONTEXT................................................................................................................................ 9 B. HUMAN RIGHTS........................................................................................................................................ 10 C. SEPARATION OF POWERS ...................................................................................................................... 12 IV. LEGAL FRAMEWORK FOR PRESIDENTIAL ELECTIONS............................................................ 13 A. TIMEFRAME FOR ELECTIONS
    [Show full text]
  • Moving from Condemnation to Action
    Moving From Condemnation to Action The Case for the European Union to Impose Restrictive Measures on Serious Human Rights Abusers in the Maldives Prepared By: Jared Genser1 [email protected] +1 202 466 3069 26 February 2018 1 Jared Genser serves as international counsel to former Maldives President Mohamed Nasheed. In addition to being qualified to practice law in the United States, he is also a solicitor of England & Wales. Perseus Strategies would like to thank Elise Baranouski, C. Benjamin Brooks, Mary Brooks, Sarah Gledhill, Csaba Gondola, Julia Kuperminc, Juan Pablo Miramontes, Kate O’Sullivan, Samuel Ritholtz, Nicole Santiago, and Safia Sayed for their support. Table of Contents I.! Executive Summary ......................................................................................................................................... 2! II.! Human Rights Abuses in the Maldives ........................................................................................................... 5! A.! Enforced Disappearances ........................................................................................................................... 5! B.! Arbitrary Arrest and Detention ................................................................................................................... 7! C.! Torture and Other Cruel, Inhuman, or Degrading Treatment or Punishment ........................................... 16! D.! The Death Penalty ...................................................................................................................................
    [Show full text]
  • The Maldives: Return of Democracy and Challenges Ahead
    The Maldives: Return of democracy and challenges ahead Introduction A chain of about 1,200 tiny islands spread over 90,000 sq km, the Maldives are the central part of a chain of islands that begins on the west coast of India with the Lakshadweep Islands and ends deep in the Indian Ocean at the Chagos Archipelago. The major United States (US) military base at Diego Garcia also lies on this chain. An Islamic nation with a population of only about 418,000 people, the geo- strategic significance of the Republic of Maldives stems from its location straddling the major Sea Lanes of Communication (SLOC) passing through the Indian Ocean that take traffic from the Suez Canal and the Straits of Hormuz to India, Southeast Asia and East Asia. The image most foreigners associate with the Maldives is of an idyllic tropical holiday destination. Underneath this serene surface, however, the country is in the midst of a desperate fight for its political and democratic future. The 23 September presidential elections sprung a welcome surprise that led to the unanticipated ouster of the much maligned incumbent Abdulla Yameen despite his all- out efforts at subverting the electoral process to his advantage. Yameen’s presidency since 2013, had ushered in an era of excesses – unbridled corruption, subversion of hard-earned democracy through violent repression of political opposition, widespread human rights violations, use of religious extremism and gang-wars for political purposes, and a pandering to China that not only left the Maldives deep in debt, the exact quantum of which the new government led by Ibrahim Mohamed Solih is still grappling to fathom, but also allegedly involved the sale of entire islands at throwaway prices.
    [Show full text]
  • PARLIAMENT WATCH an Evaluation of the Parliament of Maldives 2010
    PARLIAMENT WATCH An Evaluation of the Parliament of Maldives 2010 Written by Aiman Rasheed Research by Aishath Aima Musthafa © Transparency Maldives This work is copyright. No part of this publication may be reproduced without prior written permission from the publisher of this book. Published by Transparency Maldives, Male’, Maldives Tel: +960 330 4017 Email: [email protected] http://www.transaprencymaldives.org Written by Aiman Rasheed Research by Aishath Aima Musthafa Data verified and checked by Ahmed Shumrooj Design and layout by Aminath Sofeenaz Printed by Novelty Printers Publishers Pvt. Ltd. This report is published by Transparency Maldives under the Parliament Watch Project funded by UNDP. Transparency Maldives is the national contact for Transparency International (TI) and is a non-partisan organization that promotes collaboration, awareness and other initiatives to improve governance and eliminate corruption from the daily lives of people. Transparency Maldives views corruption as a systematic issue and advocates for institutional change that will punish and prevent corruption. Every effort has been made to verify the accuracy of the information contained in this report. All information is believed to be correct as of March 2011. Nevertheless, Transparency Maldives cannot accept responsibility for the consequences of its use other than its intended purpose. PARLIAMENT WATCH Table of contents 1. Introduction .................................................................................................................................................................
    [Show full text]
  • Grant Thornton
    Maldives Asset Recovery Bank of Maldives/European Investment Bank Draft Report Private & Confidential - in anticipation of legal proceedings Last updated 31 August 2010 Contents 1Introduction................................................................................................................1 2Bank of Maldives ("BML") Audit Report 2008..........................................................1 3Mechanism for appointing Senior Appointments.......................................................1 4Key Members of the Board 2003 - 2008....................................................................2 5BML Overdrafts and Account Maintenance Policy ...................................................4 6BML Loan Facility Approvals....................................................................................5 7BML Loan Exposures................................................................................................6 8Sun Group..................................................................................................................7 9Lily Group................................................................................................................15 10Afeef Group...........................................................................................................21 11Villa Group.............................................................................................................25 12Rainbow Group......................................................................................................32
    [Show full text]
  • HOTELIER SCHOOL of HOSPITALITY and TOURISM NEWSLETTER TAYLOR’S COLLEGE SCHOOL of HOSPITALITY and TOURISM Volume 3 S 2008 PP9896/02/2009 (020982)
    lepetitHOTELIER SCHOOL OF HOSPITALITY AND TOURISM NEWSLETTER TAYLOR’S COLLEGE SCHOOL OF HOSPITALITY AND TOURISM volume 3 s 2008 PP9896/02/2009 (020982) Cooking to Victory The talented duo of Tiong Jia Hui, 17, and Wu Shin Yin, 17, from SMK Damansara Utama cooked their way to first place in the first ever Taylor’s Culinary Challenge 2008. (continue to page 2) The champions, Jia Hui (left) and Shin Yin receive their prizes from Taylor’s Chief Operating Officer Mr. Pradeep Nair. The team celebrate their success Cover Story Collaborations Team Angel 1’s first dish, Grilled Chicken with The top six teams with TCHT staff Baked Potato (continued from cover) a Certificate in Cake Decorating course The illustrious panel of judges included worth RM850 and RM300 for the Chef Federico Michieletto, Vice Jia Hui and Shin Yin (Team Angel 1) school. President of Chef Association of won RM500 cash prize, medals, Malaysia (CAM), Chef Chong Wei Tzeh, certificates and an International Chef Frederic Cerchi, Chef Rex Lee, The Celestial Dragon The outstanding chefs (from l-r) Chef Wong, Chef Patrick, Culinary arts students keep busy in the kitchen Certification in Patisserie course worth Chef Patrick Siau and Chef Vincent Tan Chef Norizzan, Chef Bala and Chef Zulkifly RM3,100. They also received RM1,000 from TCHT. and a challenge trophy for their school. Chef Federico commented: “Overall, Taylor’s Talents Shine at Swiss-Garden Hotel “We’re very happy as we tried our best the participants performed well and I Twenty culinary arts and hospitality “The atmosphere in the kitchen was to win.
    [Show full text]