Reserve down by 8 percent with increase in sale of USD

The usable reserve of the country has gone down by eight percent with the increase in amount of US dollars sold by Maldives Monetary Authority (MMA).

The financial statement released by MMA shows the usable reserve stood at USD 191.9 million at the end of September. The amount is an eight percent decrease on a monthly comparative basis, but only a slight change on a yearly comparative basis.

The financial statement shows the gross intenational reserve of the country down by seven percent on a monthly comparative basis. The gross international reserve stood at USD 519.4 million at the end of September. It’s a four percent decrease on a yearly comparative basis.

The gross international reserve of the country has MMA’s US dollars. The usable reserve is the amount remaining from the gross international reserve after taking out short-term foreign liabilities. The usable reserve is used for immediate transactions by MMA.