The Maldives government has overdrawn MVR 8.2 billion in the last three years, according to Maldives Monetary Authority (MMA) data.
According to the data, the number of “net claims” (another term for overdraw) in 2020 stood at MVR 6.1 billion, but by October 2023, the figured increased to MVR 14.3 billion.
From 2020, the Maldives government set out a money-printing limit up to MVR 4.4 billion from the Public Bank Accounts (PBA). Withdrawals up to the limit by the end of this year has already been approved by the Maldives Parliament as well.
Earlier in 2023, the Maldives government printed MVR 4.2 billion and converted the sum into a long-term bond.