Dollar Reserves Increased Due to Uptake in Bank Deposits: MMA

Maldives Monetary Authority (MMA) has attributed the increase in dollar reserves in first quarter to an increase in bank deposits.

In the first quarter of the year, dollar reserves increased to US$ 723.9 million. Compared to the first quarter of 2017, this is an increase of 44 percent.

Bank deposits include the minimum reserve requirement and excess reserves, MMA said. The minimum reserve requirement presently is at 10 percent of deposits at banks.

The Central Bank also noted that this excess reserve included dollar loans take out from foreign banks and deposits made by private parties involved in major projects in Maldives.

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