Maldives reserve up 59 percent, central bank says

Maldives' gross international reserves registered a growth of 59 percent at the end of April, the country's central bank has said.

According to Maldives Monetary Authority (MMA) monthly economic highlights for May, gross international reserves was recorded at USD788.8 million which is nine percent increase in annual terms.

The statistics on reserve last publicized by MMA was in February which shows that it was at USD625.9 million.

The government had expressed confidence that it would be able to maintain the country's reserves despite heavy international borrowing to fund development projects had pur a strain in the reserve.