The Maldives Monetary Authority introduced Overnight Lombard Facility to commercial banks on 9th May 2010, allowing for banks to borrow from the MMA on an overnight basis mainly to avoid disruptions in the payments system and to meet the MRR level. This facility carries the highest rate in the system, above the overnight lending rates among the commercial banks. The OLF rate is 10% per annum, effective 1st September 2014.
