State reserves rise to US344.4 million: MMA

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.

“Of this deficit, 62 per cent is to be financed through foreign financing while 38 per cent is to be financed through the sale of T-bills and other means,” the MMA noted.

Outstanding T-bills had meanwhile increased from MVR 5.5 billion (US$356.6 million) in November 2012, to MVR 9 billion (US$583.6 million) as of May 2013.

Total tourist arrivals meanwhile increased 18 percent on the first half of 2012, largely driven by Chinese arrivals, while the average duration of stay declined 12 percent.