Business

MMA net profit boosts by 99%

Maldives Monetary Authority (MMA) - central bank - has reported a net profit boost of 99% in the year 2017.

The Maldives governor Ahmed Naseer and MMA's board director Mohamed Ali Janaah signed financial report for 2017 indicated the central bank made a net profit of MVR 148,794,762. However the net profit for Maldives central bank in 2016 had reached only MVR 74,655,479 by the end of the year's fiscal run.

The financial report audited by internationally recognized audit firm PricewaterhouseCoopers (PWC) reflected a total liability and equity value more than MVR 17 billion while the foreign currency liability had reached to MVR 6.5 billion.

According to MMA the profit generated through foreign currency exchange had significantly bumped in 2017 compared to the preceding year as well. In 2017 central bank made a profit MVR 163 million in foreign currency exchange profits while the figure reached only MVR 77 million in 2016.

While the operating expenditure of the bank had reached MVR 165,971,437 in 2017 the amount had only crossed to MVR 164,368,746 in 2016.