Official reserves decline by USD 36 mln

The Maldives' official reserves declined by USD 36 million in March and April this year.

According to the Central Bank, Maldives Monetary Authority (MMA)'s Economic Update for the month of May, reserves stood at USD 865.2 million at the end of March. However, reserves fell to USD 829 million by the end of April. This is a decrease of about USD 36 million, or four percent, compared to the previous month.

Reserves stood at USD 878 million at the end of April last year. Therefore, this year's figure of USD 829 million shows a six percent decrease compared to the same period last year.

An economist at renowned bank JPMorgan has said in a recent interview with a foreign newspaper that the reserves of six countries, including the Maldives, will face challenges and decline due to the current global economic situation. However, Finance Minister Ibrahim Ameer has said the reserves would not be affected by the current economic situation.

The budget for this year estimates that the country will have reserves of USD 657.3 million by the end of the year.