State revenue decreases by 23% in January

Maldives Monetary Authority (MMA) has observed a decrease of 23% in total revenue of the state in January.

The statistics of MMA revealed the revenue of the state was at USD 38 million in January 2020, which is a decrease of 23% compared to January 2019. MMA said tax revenue declined by USD 22 million, while non-tax revenue decreased by USD 17 million.

Furthermore, the total expenditure decreased by about USD 6 million in January 2020, which is a 6% percent decrease when compared with January 2019. MMA revealed the decrease in expenditure stemmed from the USD 12 million declines in capital expenditure, while recurrent expenditure posted growth of USD 6.6 million.