Money, credit & banking: every series
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
| Series | Latest | Period | vs a year ago |
|---|---|---|---|
| Broad money | MVR 79.51bnAug 2026 | Aug 2026 | Up 20.8% |
| Narrow money | MVR 30.66bnAug 2026 | Aug 2026 | Up 19.2% |
| Quasi money | MVR 48.85bnAug 2026 | Aug 2026 | Up 21.8% |
| Currency outside depository corporations | MVR 4.42bnAug 2026 | Aug 2026 | Up 15.2% |
| Transferable deposits | MVR 26.23bnAug 2026 | Aug 2026 | Up 19.8% |
| In national currency | MVR 16.02bnAug 2026 | Aug 2026 | Up 33.2% |
| In foreign currency | MVR 32.83bnAug 2026 | Aug 2026 | Up 16.9% |
| Securities other than shares included in broad money | MVR 0Aug 2026 | Aug 2026 | — |
| Dollarization ratio | 41.29%Aug 2026 | Aug 2026 | Down 1.36 percentage points |
| Monetary base | MVR 13.3bnSep 2026 | Sep 2026 | Up 12.9% |
| Currency in circulation | MVR 5.22bnSep 2026 | Sep 2026 | Up 15.7% |
| Liabilities to other depository corporations | MVR 8.08bnSep 2026 | Sep 2026 | Up 11.1% |
| Liabilities to other sectors | MVR 0Sep 2026 | Sep 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
| Series | Latest | Period | vs a year ago |
|---|---|---|---|
| Net foreign assets | MVR 3.09bnAug 2026 | Aug 2026 | Down MVR 4.33 billion |
| Central bank | MVR 3.77bnAug 2026 | Aug 2026 | Down 26.7% |
| Other depository corporations | −MVR 681.9mAug 2026 | Aug 2026 | Down MVR 2.96 billion |
| Net domestic assets | MVR 76.42bnAug 2026 | Aug 2026 | Up 30.8% |
| Domestic claims | MVR 109.22bnAug 2026 | Aug 2026 | Up 26.1% |
| Other items (net) | −MVR 32.8bnAug 2026 | Aug 2026 | Down MVR 4.59 billion |
| Net claims on central government | MVR 55.19bnAug 2026 | Aug 2026 | Up 25.1% |
| Claims on other sectors | MVR 54.03bnAug 2026 | Aug 2026 | Up 27.1% |
| Claims on other financial corporations | MVR 1.73bnAug 2026 | Aug 2026 | Up 224.3% |
| Claims on public nonfinancial corporations | MVR 9.39bnAug 2026 | Aug 2026 | Up 73.4% |
| Claims on private sectors | MVR 42.92bnAug 2026 | Aug 2026 | Up 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
| Series | Latest | Period | vs a year ago |
|---|---|---|---|
| Total loans and advances | MVR 51.42bnAug 2026 | Aug 2026 | Up 15.6% |
| Agriculture | MVR 9.9mAug 2026 | Aug 2026 | Down 48.2% |
| Fishing | MVR 937.7mAug 2026 | Aug 2026 | Up 56.8% |
| Manufacturing | MVR 64.4mAug 2026 | Aug 2026 | Down 58.7% |
| Construction | MVR 10.47bnAug 2026 | Aug 2026 | Up 28% |
| Real estate | MVR 3.49bnAug 2026 | Aug 2026 | Down 18.2% |
| Tourism | MVR 13.86bnAug 2026 | Aug 2026 | Up 5.4% |
| Commerce | MVR 5.74bnAug 2026 | Aug 2026 | Up 33% |
| Transport and communication | MVR 5bnAug 2026 | Aug 2026 | Up 40.8% |
| Electricity, gas, water and sanitary services | MVR 541.8mAug 2026 | Aug 2026 | Up 70.8% |
| Personal loans | MVR 9.26bnAug 2026 | Aug 2026 | Up 10.9% |
| Other loans and loans not adequately described | MVR 2.06bnAug 2026 | Aug 2026 | Up 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
| Series | Latest | Period | vs a year ago |
|---|---|---|---|
| Indicative Policy Rate | 4%Aug 2026 | Aug 2026 | Unchanged |
| Local currency MRR rate | 10.5%Aug 2026 | Aug 2026 | Up 0.5 percentage points |
| Foreign currency MRR rate | 5%Aug 2026 | Aug 2026 | Unchanged |
| Standing deposit facility interest rate | 0.25%Aug 2026 | Aug 2026 | Down 0.25 percentage points |
| Standing lending facility interest rate | 7%Aug 2026 | Aug 2026 | Unchanged |
| Interest rate of local currency private sector loans and advances | 10.26%Aug 2026 | Aug 2026 | Down 1.4 percentage points |
| Interest rate of foreign currency private sector loans and advances | 8.25%Aug 2026 | Aug 2026 | Down 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
| Series | Latest | Period | vs a year ago |
|---|---|---|---|
| Regulatory capital to risk-weighted assets | 41.21%Jul 2026 | Jul 2026 | Down 8.55 percentage points |
| Tier 1 capital to risk-weighted assets | 36.38%Jul 2026 | Jul 2026 | Down 7.72 percentage points |
| Nonperforming loans to total gross loans | 3.67%Jul 2026 | Jul 2026 | Down 3.63 percentage points |
| Provisions to nonperforming loans | 80.91%Jul 2026 | Jul 2026 | Up 30.05 percentage points |
| Return on assets | 4.87%Jul 2026 | Jul 2026 | Up 0.24 percentage points |
| Return on equity | 15.59%Jul 2026 | Jul 2026 | Up 1.97 percentage points |
| Liquid assets to total assets | 15.84%Jul 2026 | Jul 2026 | Down 4.01 percentage points |
| Liquid assets to short-term liabilities | 25.86%Jul 2026 | Jul 2026 | Down 7.08 percentage points |
| Customer deposits to total (noninterbank) loans | 129.7%Jul 2026 | Jul 2026 | Down 2.32 percentage points |
| Foreign-currency-denominated loans to total loans | 45.96%Jul 2026 | Jul 2026 | Down 0.94 percentage points |
| Credit growth to private sector | 15.84%Jul 2026 | Jul 2026 | Up 9.83 percentage points |
Broad money
All the money people and businesses hold: cash, current accounts, savings and fixed deposits, in rufiyaa and in dollars. Narrow money is the part that can be spent at once: cash and current accounts.
All the words used on this page