State reserves rise to US344.4 million: MMA
01 Aug 2013, 4:14 PM
State reserves increased to US$344.4 million in July, according to the Maldives Monetary Authority (MMA), a figure worth approximately 2.7 months of imports.
The data was published in the MMA’s monthly economic review for July.
Total government revenue for the first six months of the year, excluding grants, was MVR 5.4 billion (US$350 million) while total expenditure (excluding net lending) was MVR 6.8 billion (US$440 million).
While the 2013 budget projected a decline in the budget deficit to 4 percent of GDP from 13 percent in 2012, the MMA noted that according to balance of payments estimates for 2013, the current account deficit was estimated to increase to US$690.7 million, equivalent to 28 per cent of GDP.
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