Governor of Maldives Monetary Authority (MMA) Ahmed Naseer has said the state reserve attained significant improvements in 2018.
Speaking at the ceremony held to mark the 38th anniversary of MMA, Governor Ahmed Naseer revealed the state reserve was at USD 712 million, which is an increase of 21 percent when compared with the previous year.
Furthermore, the governor said the usable reserve was at USD 276 million by the end of June 2019, adding the Sovereign Development Fund (SDF) stands at USD 150 million by the end of the first half of the year. Therefore, the governor said although it was previously estimated the economic growth of Maldives would decrease in 2019, it is believed to stay steady until the end of the year.
Governor Ahmed Naseer said the financial sector of Maldives was closely monitored last year, as part of the efforts by MMA to develop the sector. He said it was noted the financial sector was relatively strong in 2018, adding the administration should prioritise on further developing the sector.
MMA estimates the economic growth to increase this year when compared with last year. In 2018, the Gross Domestic Product (GDP) was recorded at 7.6 percent, although it was estimated Maldives would end the year at 6 percent.