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Money, credit & banking: every series

54 series5 groups

How much money is there, and what does borrowing cost?

Cash and bank deposits together make up . It grows when banks lend. This section also shows how much of it is held in dollars, what the central bank charges, and whether the banks are sound.

Money in the economy

Cash and deposits, and the share of them held in dollars.

Narrow money is currency in circulation plus deposits that can be spent on demand; adding savings, time and foreign-currency deposits gives broad money. The dollarization ratio is the share held in foreign currency. The monetary base is the central bank’s own money: currency plus the reserves banks hold with it.

MMA calls this: Money supply

Money in the economy
SeriesLatestPeriodvs a year ago
Broad moneyMVR 79.51bnAug 2026Aug 2026Up 20.8%
Narrow moneyMVR 30.66bnAug 2026Aug 2026Up 19.2%
Quasi moneyMVR 48.85bnAug 2026Aug 2026Up 21.8%
Currency outside depository corporationsMVR 4.42bnAug 2026Aug 2026Up 15.2%
Transferable depositsMVR 26.23bnAug 2026Aug 2026Up 19.8%
In national currencyMVR 16.02bnAug 2026Aug 2026Up 33.2%
In foreign currencyMVR 32.83bnAug 2026Aug 2026Up 16.9%
Securities other than shares included in broad moneyMVR 0Aug 2026Aug 2026—
Dollarization ratio41.29%Aug 2026Aug 2026Down 1.36 percentage points
Monetary baseMVR 13.3bnSep 2026Sep 2026Up 12.9%
Currency in circulationMVR 5.22bnSep 2026Sep 2026Up 15.7%
Liabilities to other depository corporationsMVR 8.08bnSep 2026Sep 2026Up 11.1%
Liabilities to other sectorsMVR 0Sep 2026Sep 2026—

Where the money comes from

Bank lending to the government, businesses and households, and foreign holdings.

The other side of the banking system’s balance sheet: what broad money is backed by. Net foreign assets are foreign-currency holdings less foreign liabilities; net domestic assets are mainly lending to the government and to the private sector. Rising claims on government mean the banking system is financing more of the deficit.

MMA calls this: Sources of money

Where the money comes from
SeriesLatestPeriodvs a year ago
Net foreign assetsMVR 3.09bnAug 2026Aug 2026Down MVR 4.33 billion
Central bankMVR 3.77bnAug 2026Aug 2026Down 26.7%
Other depository corporations−MVR 681.9mAug 2026Aug 2026Down MVR 2.96 billion
Net domestic assetsMVR 76.42bnAug 2026Aug 2026Up 30.8%
Domestic claimsMVR 109.22bnAug 2026Aug 2026Up 26.1%
Other items (net)−MVR 32.8bnAug 2026Aug 2026Down MVR 4.59 billion
Net claims on central governmentMVR 55.19bnAug 2026Aug 2026Up 25.1%
Claims on other sectorsMVR 54.03bnAug 2026Aug 2026Up 27.1%
Claims on other financial corporationsMVR 1.73bnAug 2026Aug 2026Up 224.3%
Claims on public nonfinancial corporationsMVR 9.39bnAug 2026Aug 2026Up 73.4%
Claims on private sectorsMVR 42.92bnAug 2026Aug 2026Up 17.4%

Who borrows from banks

Loans outstanding by industry: tourism, construction, households and more.

Loans and advances outstanding from banks and other lenders, by the industry of the borrower. It shows where credit is concentrated and which activities are borrowing more.

MMA calls this: Bank lending by sector

Who borrows from banks
SeriesLatestPeriodvs a year ago
Total loans and advancesMVR 51.42bnAug 2026Aug 2026Up 15.6%
AgricultureMVR 9.9mAug 2026Aug 2026Down 48.2%
FishingMVR 937.7mAug 2026Aug 2026Up 56.8%
ManufacturingMVR 64.4mAug 2026Aug 2026Down 58.7%
ConstructionMVR 10.47bnAug 2026Aug 2026Up 28%
Real estateMVR 3.49bnAug 2026Aug 2026Down 18.2%
TourismMVR 13.86bnAug 2026Aug 2026Up 5.4%
CommerceMVR 5.74bnAug 2026Aug 2026Up 33%
Transport and communicationMVR 5bnAug 2026Aug 2026Up 40.8%
Electricity, gas, water and sanitary servicesMVR 541.8mAug 2026Aug 2026Up 70.8%
Personal loansMVR 9.26bnAug 2026Aug 2026Up 10.9%
Other loans and loans not adequately describedMVR 2.06bnAug 2026Aug 2026Up 29.1%

Interest rates

What the central bank sets and what banks charge borrowers.

The rates the central bank sets (its policy rate, the reserve requirements and its standing facilities) and the average rates commercial banks charge on loans in rufiyaa and in foreign currency.

MMA calls this: Interest and policy rates

Interest rates
SeriesLatestPeriodvs a year ago
Indicative Policy Rate4%Aug 2026Aug 2026Unchanged
Local currency MRR rate10.5%Aug 2026Aug 2026Up 0.5 percentage points
Foreign currency MRR rate5%Aug 2026Aug 2026Unchanged
Standing deposit facility interest rate0.25%Aug 2026Aug 2026Down 0.25 percentage points
Standing lending facility interest rate7%Aug 2026Aug 2026Unchanged
Interest rate of local currency private sector loans and advances10.26%Aug 2026Aug 2026Down 1.4 percentage points
Interest rate of foreign currency private sector loans and advances8.25%Aug 2026Aug 2026Down 0.04 percentage points

Are the banks healthy?

Banks’ cushion against losses, unpaid loans, profits and cash on hand.

The standard international indicators of bank health. Capital ratios measure the cushion against losses; the non-performing loan ratio is the share of lending in arrears; provisions show how much of that is already covered; return on assets and equity measure profitability; liquidity ratios measure the ability to meet withdrawals.

MMA calls this: Banking soundness

Are the banks healthy?
SeriesLatestPeriodvs a year ago
Regulatory capital to risk-weighted assets41.21%Jul 2026Jul 2026Down 8.55 percentage points
Tier 1 capital to risk-weighted assets36.38%Jul 2026Jul 2026Down 7.72 percentage points
Nonperforming loans to total gross loans3.67%Jul 2026Jul 2026Down 3.63 percentage points
Provisions to nonperforming loans80.91%Jul 2026Jul 2026Up 30.05 percentage points
Return on assets4.87%Jul 2026Jul 2026Up 0.24 percentage points
Return on equity15.59%Jul 2026Jul 2026Up 1.97 percentage points
Liquid assets to total assets15.84%Jul 2026Jul 2026Down 4.01 percentage points
Liquid assets to short-term liabilities25.86%Jul 2026Jul 2026Down 7.08 percentage points
Customer deposits to total (noninterbank) loans129.7%Jul 2026Jul 2026Down 2.32 percentage points
Foreign-currency-denominated loans to total loans45.96%Jul 2026Jul 2026Down 0.94 percentage points
Credit growth to private sector15.84%Jul 2026Jul 2026Up 9.83 percentage points