Maldives official reserve increases to $350 million by end of last month

Maldives central bank, Maldives Monetary Authority (MMA) has revealed that the country’s reserve has increased to $350 million by the end of last month.

MMA’s Monthly Economic Review for the month of May states that the State reserve increased by $12.7 million by the end of April compared to the end of March, which puts foreign exchange to about 2.6 months of reserve of imports.

The numbers published by the authority show that the State reserve contained $338.2 million at the end of March, about 2.5 months worth of reserves in imports.

The Monthly Economic Review also shows that the country saw a total of MVR 133.9 in imports for the first quarter of 2013, a six percent increase compared to the same period last year.

MMA has recently stated that the State reserves will dwindle to 1.3 months of imports by the end of the year.

Financial highlights published by the central bank last week stated that the total reserves will go down to $291.4 million by the end of the year, due to the recent repayment of international debts.