Press Release No. 11/127

Press Release: Statement by IMF Staff Mission to the Maldives

April 11, 2011

Mr. Jonathan Dunn, the International Monetary Fund’s (IMF) mission chief for the Maldives, issued the following statement today in Washington:

“The Maldives government adopted a new exchange rate regime under which the Maldivian rufiyaa (MRF) will float in a band of 20 percent in either direction around a central parity of MRF 12.85 per U.S. dollar. IMF staff supports this decision made by the authorities.

“We remain in close contact with the authorities and are ready to offer any technical assistance that they may request. Today's bold step by the authorities represents an important move towards restoring external sustainability.”