Reserve money saw an annual decline of 4% at the end of June 2022, reports Maldives Monetary Authority (MMA).
This decline comes after registering a growth of 9% at the end of May 2022. The decline is resultant of combined effects of both sizeable drop in net domestic assets, and a slowdown in net foreign assets growth during the period.
On the other hand, the annual broad money growth went up to 27% by the end of June, from 20% in May.
The annual growth in broad money, primarily came from the increment in quasi money. The growth came mainly from transferable deposits denominated in foreign currency. In addition to this, the time deposits denominated in local currency.