Annual broad money growth rate increased to 7% at the end of April 2023, compared to the growth of 5% in March 2023. This growth was primarily driven by an increase in quasi money, owing to a substantial increase in foreign currency transferable deposits as well as both national and foreign currency other deposits.
Credit to private sector
The annual growth rate of credit to the private sector by commercial banks in April 2023 remained at 6% compared to the previous month. During the month, credit extended as working capital for the tourism sector observed the largest growth, followed by the growth in lending as personal loans, increase in lending to the commerce sector and real estate sector. However, credit offered to the transport sector declined during the review period.
Overnight deposit facility (average)
During April 2023, the average Overnight Deposit Facility (ODF) placement stood at MVR 7.3 billion. This marked a growth of 22% in annual terms, largely reflecting the increase in local currency liquidity due to monetization.
Official reserve assets
Official reserve assets decreased to US$ 756.8 million at the end of April 2023 from US$ 764.6 million at the end of March 2023, recording a decline of 1%. Similarly, in annual terms, the official reserve assets registered a decline of 9% for April 2023.
Total exports (F.O.B) for March 2023 observed a growth of 43.6% compared to March 2022. This was mainly driven by Re-exports (22.3 percentage points) and fish exports (22.0 percentage points).
Total imports (C.I.F) for March 2023 increased by 9.9% compared to March 2022. Imports of transport equipment and parts had a growth of 94.5 while, imports of wood, metal, cement and aggregates observed a growth of 48.5% during this period.
Export of goods and service
Export of goods and services for 2023 is estimated to increase to 5.19 billion which is a growth of 1.8% compared to 2022.
Balance on goods in percent of GDP
Balance on goods in percent of GDP is estimated to be at -46.8% in 2022 and -41.3% in 2023.
Import of goods in percent of GDP
Import of goods in percent of GDP is estimated to be at 53.2% in 2022 and 46.8% in 2023.
Current account balance in percent of GDP
The current account balance in percent of GDP stood at -8.4% in 2021 and widened to -16.6% in 2022 driven by the change in the Balance on services and Balance on secondary income. In 2023 current account balance in percent of GDP is estimated narrow down to -11.3%.
At the end of March 2023, US Dollar reference rate of MMA stood at 15.39 Maldivian Rufiyaa (MVR) per US Dollar (US$)