State reserve rises by 26 percent

State reserve of Maldives showed a 26 percent increase at the end of 2017 compared to 2016, reports Maldives Monetary Authority (MMA), in its economic review for December, 2017.

Maldives’ official State reserve stood at USD 586.2 million at the end of 2017. The reserve has MMA’s US Dollars.

The usable reserve also showed an increase of three percent increase compared to 2016 at USD 206.4 million.

The Maldivian fishing industry played a vital role in the country’s economic development in 2017. Maldivian companies weighed 7,920 metric tons of fish by end of November, 2017. This is a 14 percent increase compared to November, 2016; and a 56 percent increase compared to October, 2017.

Statistics show the inflation rate was maintained in 2017. Inflation rate rose by 0.7 percent in October, 2017, and dropped a slight 0.6 percent by end of November, 2017. The contributing factors being the drop in prices of fish products and electricity.

MMA noted in its economic review that the economy of the country fared better than projected in 2017. The institution projects productivity increased by 6.9 percent in 2017. The figure stood at 6.2 percent in 2016.