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International reserves fall to $341 million

The Maldives Monetary Authority (MMA) has said in its Monthly Economic Review, November 2013, that the country’s international reserves stood at $341 million at the end of October 2013.

Official international reserves are held in the Maldives in US dollars.

In recent years, MMA’s statistics have shown a decline in international reserves.

Compared with September 2013, the international reserves went down by $5.7 million or 2 percent in October 2013.

However in October 2012, the international reserves stood at $336.4 million.

MMA’s report also states that the present level of international reserves would be enough for 2.5 months of imports.

Late last year, the International Monetary Fund (IMF) expressed concern over the decline in the reserve due to having to use the reserve to compensate for the country’s high deficit.

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