Maldives has recorded a 7 percent decline in its gross international reserves at the end of October.
According to the latest economic update released by the central bank, Maldives Monetary Authority (MMA), Maldives had USD 1 billion in its gross international reserves at the end of September 2021. However, the figure dropped by seven percent to USD 947.6 million at the end of October 2021.
Contrastingly, this figure is a 49 percent increase compared to the USD 638.1 million in gross international reserves recorded at the end of October 2020.
Despite the strong rebound in growth, GDP remains 15.9 percent below pre-pandemic levels in Q2 2019. MMA attributed the strong rebound in the annual GDP growth during Q2 2021 to a significant recovery in the tourism sector, the main economic driver of the country.
