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Policy implemented to deposit state funds to public bank accounts

A new policy has been implemented for state offices, departments, and agencies as well as local councils to deposit state funds to a public bank account opened under the treasury single account system.

The policy published by the Ministry of Finance consists of rules on the transfer of state funds via the banking system. The purpose of the policy is to securely and transparently handle the cash flow and balance of the various state offices that have bank accounts.

The policy requires state offices, departments, and agencies as well as local councils to deposit state funds to a public bank account opened under the treasury single account system. The bank account can be opened at the Maldives Monetary Authority (MMA) and the Bank of Maldives (BML) and will be overseen by the finance ministry. Parties that reside in islands with no banking branches can open a public bank account by submitting a request at a state office.

The finance ministry has also implemented policies on depositing funds related to projects, grants, and loans to specific bank accounts, which can be opened after the chief financial officer of the office submits a request via a letter to the finance minister.