Maldives Monetary Authority (MMA) on Wednesday said that the usable reserve decreased by four percent in May this year.
According to the central bank’s “Monthly Economic Review”, usable reserves amounted to US$216.2 million at the end of April 2017. During the month of April 2017, usable reserves decreased in both monthly and annual terms, as a decline of four percent and nine percent respectively.
Usable reserve is the amount left of Gross International Reserve (GIR) after the deduction of short-term foreign liabilities. It is the is the fund into which all the receipts of international transactions are readily available to be paid out by the MMA in the foreign exchange market.
MMA revealed that GIR by the end of May was an amount of $494.6 million, which is comparatively lower than the GIR of $501.2 million by the end of April.
Central Bank of Maldives MMA -- PHOTO : AVAS
