State reserve declines by USD 117 million by end of September

A person enters the Maldives Monetary Authority (MMA) headquarters in Male' City on September 7, 2021. (Sun Photo/Fayaz Moosa)

Statistics publicized Maldives Monetary Authority (MMA) show that the state reserve has declined by USD 117 million.

At the end of August, the state reserve stood at USD 657.9 million. By the end of September, the reserve was at USD 540.28 million.

Earlier statistics from MMA show that the state reserve stood at MVR 865.19 million in March of this year.

Since March, there has been a continuous decline in the state reserve till September, the last month with available data.

State reserve throughout this year;

January: USD 753.37 million

February: USD 766.23 million

March: USD 865.19 million

April: USD 829 million

May: USD 807.95 million

June: USD 750.44 million

July: USD 728.18 million

August: USD 757.97 million

September: USD 540.28 million

Finance Ministry projects state reserve to stand at USD 657 million by the end of this year.

The projected budget for next year submitted to the parliament by the Finance Ministry this week estimates state reserve to stand at USD 606 million by the end of next year.

MMA now only publicizes the total amount remaining in reserves in their statistics. The amount in usable reserve therewith remains unknown.