Official Reserves, Inflation Decline in March

The Maldives’ Official Reserves stood at US$541.8 million at the end of March 2024, according to data released by the Maldives Monetary Authority (MMA).

This sees a decrease of US$222.8 million compared to US$764.6 million over the same period last year. Official reserves declined by US$47 million from $588.8 million in February.

In March, usable reserves also decreased, reaching US$113.7 million by month-end, down from the February figure of US$128.8 million.

Meanwhile, the average rate of inflation fell in March. According to the Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS), prices fell by 0.89 percent in March compared to February and prices were down 0.16 percent when compared to the same period last year.

Excluding the price of fish, prices fell 1.09 percent in March.

Goods and services that depreciated include;

Fruits and air transport saw price increases, with a 4.56 percent rise for fruits and a 0.53 percent hike for air transport. Additionally, prices for sugar, jam, honey, and chocolate rose by 0.68 percent, vegetables by 0.25 percent, and meat by 0.62 percent.