Reserves for last month dips by 10 percent

  • Total reserve at US$ 624 million
  • Usable reserve at US$ 204 million
  • Year on year rate dips by 11 percent

Central Bank has revealed that reserves for last month has dipped by 10 percent.

Maldives Monetary Authority (MMA) statistics for May shows that by the end of the month US$ 624 million was recorded as reserves. This is an 11 percent decrease compared to the same period the previous year and a decrease of 12 percent compared to April this year.

The reserves dropped after a high of US$ 700 million. Fluctuations in reserves is a normal aspect, dependent on state run infrastructure projects.

The Government had embarked on various projects this year, including hospital development and government office building construction.