Reserves in terms of months of imports declines to 4.2

Central bank Maldives Monetary Authority (MMA) has said that at the end of July 2015, Gross International Reserves stood at $692.5 million, which is the equivalent of 4.2 months of imports.

According to the Monthly Economic Review for August 2015, published yesterday, this constitutes a decline of 39 percent compared to the corresponding period last year.

Gross International Reserves stood at $703.7 million at the end of May 2015, and at $712.2 million at the end of June 2015.

At the end of July 2015, Usable Reserves amounted to $213.5 million, which is an increase of 41 percent in annual terms and a decline of 9 percent in monthly terms.

Gross International Reserves also increased in annual terms despite the decline in monthly terms.