Seven percent decrease in Maldives' gross reserves

Statistics have shown that the State's reserve decreased by seven percent over the past month.

According to the central bank, Maldives Monetary Authority (MMA)'s Economic Update for November, the Maldives' official reserve currently holds USD 947.6 million. Earlier in September, the reserve had USD one billion.

While the total reserve value fluctuates frequently, the main reason for increases are borrowings being added to the state treasury.

Although MMA used to publicize information on the usable reserve, the bank no longer discloses this information. The amount in usable reserves is usually enough to cover one to two months' purchase of staple goods, approximately USD 150 to 200 million.