Useable Reserves Up by 6%, T-bill Investments up by 23% – MMA

Maldives Monetary Authority has announced a 6% increase to the usable reserves and a 16% increase to the total national reserves of Maldives. The usable reserves are foreign currency for the purpose of purchase of necessary items such as fuel, food items, and medical supplies for the country.

According to MMA, the useable reserves totaled USD 213.3 million the previous month, while it was USD 201.5 million the month before. The National reserves totaled USD 516.8 million at the end of last month while the month before, it was at USD 476.1 million, indicating 16% increase to funds.

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MMA also announced a 23% increase to the T-bill investments by local banks. According to MMA’s monthly economic review, the outstanding (un-matured) T-bills, Securities, and Bonds have risen slightly to amount to MVR 23.2 billion.

Looking at annual statistics, the outstanding unpaid securities increased by 15% the previous month, attributed to T-bills outstanding rising by 12% (totaling MVR 6.1 billion) and bond outstanding rising by 18% (totaling MVR 3.1 billion). MMA has reportedly stated that the reason for the rise in T-bill outstanding is due to a 23% increase in T-bill investments, and the increase to bonds was due to some T-bills being converted to bonds last year.

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