Maldives registers 1% decline in international reserves at June's end

Maldives Monetary Authority (MMA) headquarters in Male' City. (Sun Photo/Fayaz Moosa)

Maldives registered an USD 13.7 million decline in its gross international reserves by the end of June. 

According to the latest economic update released by Maldives Monetary Authority (MMA), Maldives had USD 926.1 million in its official reserve at the end of May. 

The figure dropped by 1 percent to USD 912.4 million at the end of June. 

Though the reserve in June 2021 showed a slight decline when compared to May 2021, it is a 30 percent increase when compared to the USD 702.5 million in June 2020. 

Meanwhile, according to the advance estimates of the Quarterly National Accounts for Q1 of 2021 released by the National Bureau of Statistics, real GDP declined by 8.6 percent in Q1 of 2021, when compared to Q1 in 2020.  

MMA hailed it as a notable moderation when compared to the -36.1 percent real GDP at the end of 2020. 

MMA said that the real GDP is projected to grow in the range 13.5 percent and 34.1 percent in 2021, with the most likely growth rate at 22.7 percent.