Maldives central bank aims to maintain 200 mln in US dollar reserve

Maldives Monetary Authority (MMA) expects to maintain this year’s foreign-exchange reserves at USD 200 million, said MMA’s Governor Dr Azeema Adam. In her interview to Haveeru on Thursday, Dr Azeema revealed that this year’s forex reserves had increased significantly compared to 2014. She added that MMA will keep the public informed of monthly developments to the reserves. According to MMA’s September economic review, the nation’s official reserves by September end were at USD 627.2 million. The usable reserves amount to USD 212.6 million, which is an yearly increase of 45 percent. MMA’s official reserves are its dollar reserve, while the usable reserves indicate the amount readily available for various foreign currency exchanges. Statistics indicate that the official reserves for last month is a 6 percent decrease from August. However, it is a 20 percent increase from last year September.
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