MMA publicizes Regulation on collection of Statistical figures.

The Central Bank of Maldives, Maldives Monetary Authority (MMA) has publicized the regulation on collection and publication on statistical figures. The regulation which is to be enforced on all State and private organizations and companies operating in the Maldives, in addition to corporate societies and individual business entities.

The Regulation which was publicized on 31st July 2017 states that if the Bank requests any statistical data or relevant information, from any organization or individual, that they are required to provide the requested information in the format specified by the Central Bank. In addition to this the regulation also specifies that, if the Central Bank deems the received information is incomplete, the Bank has the authority to ask for the completed or full information.

Under this regulation the Central Bank cannot disclose any information they receive regarding any particular party or individual without obtaining consent of the relevant party or individual. The regulations assigns the responsibility of safeguarding and maintaining the confidentiality of all received information to the Central Bank. The publication of all received data, under the regulation will only be done as overall collective statistics.

If any organization or individual who has to comply with the regulation fails to do so, the Central Bank can set a deadline by which they need to comply, and if not impose fine not exceeding MVR 5000 on a daily basis the culpable party, until compliance with the regulation.