Maldives Monetary Authority (MMA) has said the international reserve of the state bank has increased.
The Gross international reserve stood at USD 625.9 million at the end of January 2018, registering a growth of 31% and 7% in annual and monthly terms respectively, according to the economic review of February. The statistics showed the usable reserves amounted to USD 205.6 million at the end of January 2018, representing an annual growth of 2%, while it remained largely unchanged in monthly terms.
Meanwhile, the broad money amounted to USD 2.1 billion at the end of January and registered an annual growth of 9%, according to the economic review.
MMA stated the growth was mainly contributed by the increase in net foreign assets of the banking system due to an increase the MMA's foreign currency reserves held abroad together with a decline in the MMA's foreign liabilities.