Official reserves at US$ 604 mln at end of November

The Maldives' official reserves rose to $604.2 million at the end of November this year.

Official reserves stood at $499.6 million -- MVR 7.7 billion -- at the end of October, according to data released by the central bank, Maldives Monetary Authority (MMA). Compared to October, the increase was $104.6 million at the end of November.

While the amount in the official reserves has increased, the funds in the usable reserves have also increased. Short-term debt stood at $385.2 million at the end of November, according to MMA data. Usable reserves stood at $219 million at the end of November, compared to US$ 105.1 available at the end of October.

The official reserves increased after a month-on-month decline from April to October this year.

Monthly data of official reserves

January - $753.4 million
February - $766.2 million
March - $865.2 million
April - $829 million
May - $807.9 million
June - $750.4 million
July - $728.2 million
August - $658 million
September - $540.3 million
October - $499.6 million
November - $604.2 million

The budget for this year estimated that official reserves would stand at $657 million by the end of the year. Reserves increase and decrease with changes in the economy.

Despite any changes to the reserves, Finance Minister Ibrahim Ameer has assured that the state reserves would be at the estimated level by the end of the year. The minister said the reserves are declining faster than expected, and it is not only the Maldives that has been affected. One of the biggest factors affecting reserves is the increase in commodity prices in the global market.