Reserve money observe turnaround of 2% bump in May 2020

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The reserve money (MO) observes a turnaround in May 2020, noting an increase of 2%.

As such, the reserve money’s increase comes in annual terms after recording a decline of 8% in April 2020.

Moreover, Maldives Monetary Authority (MMA) reports the increase stems from a bump in net domestic assets and a drop in net foreign assets of MMA.

Net domestic asset increase comes mainly from the surge in net claims on central government.

Meanwhile, broad money observes acceleration by 6% in annual terms for review month.

In the month before May, the acceleration only hit 2% as per central bank.

Furthermore central bank notes broad money increase is resultant of bump in narrow money; coming from a surge in transferable deposits.

Quasi-money reflects a similar increment mirroring the slowdown in the decrease of foreign currency denominated transferable deposits.

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