Central Bank recently provided a Technical Assistance (TA) to the Maldives Monetary Authority (MMA) aimed at developing foreign reserves management skills of the Maldivian Central Bank.
This programme helped to build MMA’s institutional capacity to formulate foreign reserves management policies and procedures and to manage its foreign reserves so as to maintain confidence in the external value of the Maldivian Rufiya.
Two senior CBSL officials were associated with this TA. Since early 1980s, CBSL has gained skills, expertise and experience in globally accepted investment activities which had enabled it to diversify its own reserves and engage in successful reserve management operations.
As a result, the CBSL has able to engage in foreign reserves management activities which have today gained wide recognition as it has been able to earn above average rates of return, during periods when the world interest rates have been at historic low levels.