Reserve increases to $219m with bond sale to SBI
A bond of $100 million had been sold to State Bank of India to improve the reserves
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By
Ahmed Naaif
Usable reserves at the end of November has risen by $114 million compared to the figure at the end of October. As per the 'Monthly Statistics' report released by the central bank, MMA, yesterday:
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The country's official reserves stood at $604.2 million at the end of November compared to USD 499.6 million in October
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Short-term liabilities amount to $385.2 million
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Deducting the liability would put Novembers reserve at $219 million, which is an increase of $114 million compared to $105.1 million in October
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This is an improvement of 108%
Maldives Customs Service data reveals that:
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The country needs an average of $65.9 million a month to import basic goods such as food, medicines and oil
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Therefore the money currently in the usable reserve is enough to import basic goods for a period of 3.3 months
While the usable reserves had improved over the past month, the government had recently sold a $100 million bond to State Bank of India in an attempt to improve the reserves.
