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Maldives State Reserve Shrinks to MVR4.9 Billion
Source: haveeru.com.mv
Source Date: Tuesday, January 15, 2013
Focus: Citizens’ Service Delivery
Country: Maldives
Created: Jan 21, 2013

Though the reserve was MVR5.7 billion at the end of November 2012, the figure was MVR849.7 million less at the close of last year which is a slide of 14 percent. Hence, Maldives turned the New Year with a reserve of MVR4.9 billion.

At the beginning of last year, the State reserve was at MVR5.3 billion, which is an eight percent fall in comparison with the start of this year. The reserve generally fluctuates with the changes to the financial market. In that regard, there was a boost of MVR42 million to the State reserve during October of last year.

The statistics show the reason for the slide in December was down to the depletion of State funds in local and foreign banks.

The MMA reserve obligated under law was not affected during the past month or so. In November the figure was MVR578.9 million while in December the reserve was at MVR578.6 million.

MMA had also maintained a MVR50 million capital during the period. MVR779.06 was invested as Treasury Bond T-Bills in December. With that amount, the investment in T-Bills has risen to MVR3.8 billion.

However, revenue from T-Bills had generated MVR86.1 million at the close of last year. The loans issued to various State institutions totaled MVR331.6 million which was at MVR176.8 million during November last year.

The minimum reserve requirement of foreign currency held in banks had increased to MVR3.4 billion at the end of December which was at MVR3.3 billion during the previous month.
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