State reserves have shrunk to MVR 4.9 billion (US$317769131), according to Maldives Monetary Authority (MMA) statistics as reported by local media.
This is essentially only enough for one month of imports.
Between November and December 2012 reserves dropped 14 percent, or MVR 849.7 million (US$55103761). In comparison with the start of 2012 – when the State reserve was MVR 5.3 billion (US$343709468) – January 2013 has seen an eight percent decline.
MMA statistics explain the reason for the downward slide at the end of 2012 is due to depletion of State funds in local and foreign banks, according to Haveeru.
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