Business

Maldivian reserve slides 5% down

Central bank - Maldives Monetary Authority (MMA) - reports a decline in the Gross International Reserves (GIR) in July 2017.

According to central bank's monthly economic review the GIR stood at $571.8 million registering an annual decline and a monthly decline of 7% and 5% respectively.

From the accumulated amount at the central bank's reserves only $207.6 million was amounted as usable. This represented a monthly decline of 17% while the amount was a marginal decrease in annual terms.

Usable reserve is deduced after adjusting the GIR for short-term foreign liabilities - transactions which requires to be settled for foreign investments. The usable reserve indicates the financial income at hand ready-to-use for foreign transactions.

MMA confirms the decline on usable reserve resulted due to high exchange of foreign currency during the period.