The Maldives’ foreign exchange reserves declined by USD 13.7 million in June to USD 912.4 million, official data showed on Thursday.
According to the most recent Maldives Monetary Authority (MMA) economic update, Maldives had USD 926.1 million in official reserves at the end of May, which had declined by 1% to USD 912.4 million at the end of June.
However, the USD 912.4 million in foreign exchange reserves in June 2021 represents a 30% increase over the USD 702.5 million in June 2020.
According to the National Bureau of Statistics’ early estimates of Quarterly National Accounts for the first quarter of 2021, real GDP fell by 8.6% in Q1 2021 compared to Q1 2020.
The central bank stated that the real GDP is expected to expand between 13.5% and 34.1% in 2021, with 22.7% being the most likely growth rate.