Maldives Monetary Authority (MMA) has said that the country's Gross International Reserves rose by 12 percent and stood at $614.7 million at the end of December 2014.
This was announced in the central bank’s Monthly Economic Review January 2015, published on 3 February 2015.
MMA said that compared to a year ago, gross reserves recorded a growth of 67 percent, reflecting the increase in foreign currency inward transfers by commercial banks during the period.
The bank further said in the review, “The annual growth in broad money (M2) accelerated to 15 percent at the end of December 2014 and registered MVR 27.2 billion compared to a 14 percent growth recorded in the previous month. This is attributed to the lower rate of decrease in net domestic assets (NDA) of the banking system (due to an increase in net credit to the government), which offset the slight deceleration in net foreign assets (NFA).”
The bank said that total government revenue (excluding grants) rose by 17 percent in annual terms and amounted to MVR 1.4 billion during the month, and total expenditure (excluding net lending and amortisation) fell by 7 percent and amounted to MVR 0.9 billion in December 2014.