Governor of MMA, Mr. Ahmed Naseer stated that the state reserves remained at USD 712 million at the end of 2018 during a function held to celebrate the 38th anniversary of the Maldives Monetary Authority (MMA).
The anniversary function was officiated by the former President and the first Governor of MMA, Mr. Maumoon Abdul Gayoom which was attended by current and former officials of MMA along with ministers.
The financial industry was strengthened in 2018 and the development of the industry is important for steady progress as stated by Mr. Naseer. He further mentioned the rapidly slowed economic growth globally as well as in the Maldives throughout the first quarter of 2019 while stating that significant progress could be seen in Maldives’s economy in the following months.
Mr. Naseer mentioned that the Government’s Sovereign Development Fund was at USD 158 million while the banking reserve contained USD 276 million by June 2019. And that, measures had been taken by MMA to improve the monetary system in the Maldives which includes the monitoring and supervision of work carried out in the industry.
The state reserve of USD 712 million is a 21% increase compared to the previous year.