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Reserve decreases by USD 162 million within a month

Raif Amyl Jalyl
21 May 2019, MVT 20:19
Aerial view of Maldives Monetary Authority (MMA). PHOTO/MIHAARU
Raif Amyl Jalyl
21 May 2019, MVT 20:19

The national reserves dropped to USD 162 million in March.

While the reserve was at a total USD 938 million in February, the amount decreased to USD 77.2 million in March. This is a 17 percent decrease.

However, Maldives Monetary Authority (MMA) did not disclose the cause for the expenditure.

In addition to the state's official reserve, the usable reserve also decreased from USD 295.3 million in February to the current USD 251.8 million.

MMA's statistics revealed that since January till March, the usable reserve had decreased. The usable reserve in January was USD 317.9 million.

It was an electoral pledge of President Ibrahim Mohamed Solih that the state reserve would increase by a billion dollars within the five years of the administration.

In a presidential statement released this year, President Solih revealed that seeking economic development for Maldives is a goal of this administration. Furthermore, the President predicted that the state would receive MVR 23.3 billion within the year 2019.

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