Maldives Monetary Authority (MMA) building in the capital Male. MIHAARU PHOTO/NISHAN ALI
Maldives central bank’s US dollar foreign-exchange reserves have decreased by 10 percent from last May, official statistics show.
According to Maldives Monetary Authority (MMA)’s monthly economic review, its foreign-exchange reserve by the end of May was at USD 208.4 million, which is a decrease of 9 percent from last May.
MMA’s statistics show that its Gross International Reserve stands at USD 624 million in May. This is a decrease of 11 percent from last year, and a 12 percent decrease from last April.
The authority has not yet disclosed the reason behind the substantial decrease in the state’s foreign-exchange reserve. However, the monthly revenue of the tourism sector, which is the Maldives’ main source of foreign currency, had increased in May.
According Maldives Inland Revenue Authority (MIRA)’s statistics, the state has received a revenue of MVR 361.8 million from Tourism Goods and Services Tax (T-GST) and MVR 56.2 million from Green Tax.