Foreign Reserves Decline in September, Expected to Improve Going Forward

Maldives foreign exchange reserves declined in September, with gross reserves falling to US$322 million (down $72 million) and usable reserves to $49 million (down $12 million), below the level required for a month of essential imports. The Maldives Monetary Authority (MMA) signed a US$400 million currency swap facility with the Reserve Bank of India and secured a INR 30 billion facility under the SAARC swap framework to improve the situation.

Maldives foreign exchange reserves declined in September, with gross reserves falling to US$322 million (down $72 million) and usable reserves to $49 million (down $12 million), below the level required for a month of essential imports. The Maldives Monetary Authority (MMA) signed a US$400 million currency swap facility with the Reserve Bank of India and secured a INR 30 billion facility under the SAARC swap framework to improve the situation.

Maldives foreign exchange reserves declined in September, with gross reserves falling to US$322 million (down $72 million) and usable reserves to $49 million (down $12 million), below the level required for a month of essential imports. The Maldives Monetary Authority (MMA) signed a US$400 million currency swap facility with the Reserve Bank of India and secured a INR 30 billion facility under the SAARC swap framework to improve the situation.

This story involves 1 source and may affect public understanding of foreign reserves / currency-swap.