Usable Reserves increase by 35 percent

Maldives Monetary Authority (MMA) has said that its Usable Reserves saw an annual increase of 35 percent, as at 31 January 2015.

According to its Monthly Economic Review, February 2015, Gross International Reserves stood at $617.5 million at the end of January 2015, out of which Usable Reserves amounted to $149.1 million.

Usable Reserves underwent a monthly growth of 4 percent and an annual increase of 35 percent during the review month, MMA said, and this growth in Usable Reserves can be attributed to an increase in foreign currency revenue receipts by the government.

The review did not include the latest revenue and expenditure statements. In response to Sun Online’s query in this regard, an MMA official said that the information was not included because the authority had not received it from the the Ministry of Finance and Treasury.

According to MMA’s Monthly Economic Review, January 2015, government revenue stood at MVR 1.4 billion and expenditure at MVR 0.9 billion, as at 31 December 2014.