The Edition


State reserves at USD 712 million by 2018 end

Shahudha Mohamed
08 July 2019, MVT 11:00
Governor of Maldives Monetary Authority (MMA) speaking at MMA's anniversary ceremony. PHOTO: HUSSAIN WAHEED/ MIHAARU
Shahudha Mohamed
08 July 2019, MVT 11:00

Maldives Monetary Authority (MMA)'s Governor Ahmed Naseer stated that USD 712 million remained in the state reserve at the end of 2018.

Speaking at a function held to celebrate MMA’s 38th anniversary, Naseer declared that the world’s economic growth slowed rapidly in the first few months of 2019 and the same was anticipated for Maldives. However, he added that Maldives’ economy would make significant progress in the coming months.

“At the end of 2018, USD 712 million remained in the state reserve. This was a 21 percent increase compared to the previous year”, he said.

According to Naseer, MMA’s banking reserve contained USD 276 million at the end of last June and the government’s Sovereign Development Fund contained USD 158 million.

He highlighted measures being taken by MMA to improve the monetary system in Maldives, such as the supervision and monitoring of work carried out throughout the industry.

“The financial industry was strengthened in 2018”.

Naseer acknowledged the development of the financial industry was as important as steady progress. He mentioned that the Ministry of Economic Development initiated a credit guarantee scheme along with MMA.

Former president and MMA’s first governor, Maumoon Abdul Gayoom, officiated the event held to mark MMA’s 38th anniversary, which was attended by ministers, and current and former officials of the central bank.