The Maldives Monetary Authority (MMA) has said that MVR 100 million has decreased from the money circulating in the Maldivian economy by the end of last year.

According to MMA's annual report, the amount of money circulating in the Maldivian economy last year was MVR 59.2 billion. The report states that the amount of money circulating in the economy so far this year is MVR 59.1 billion.

This is noted as a one percent decrease in the annual report.

Currently, MVR 59.1 billion is circulating in the Maldivian economy.

MMA said that money circulating in the economy increased by six percent in 2022 and by seven percent in 2023.

MMA said the amount of money circulating in the economy decreased by one percent last year. However, MMA noted that over the past five years, the amount of money circulating in the economy has increased by 45 percent.

MMA said MVR 41 billion was circulating in the economy in 2020, so over the past five years, the amount of money circulating in the economy has increased by MVR 18 million.

MMA said the decrease in money circulating in the economy was due to a decrease in net foreign assets. Net foreign assets decreased by 31 percent, which MMA said was due to an increase in the institution's debt following MMA taking a USD 400 million currency swap facility.

Although net foreign assets decreased, net domestic assets increased by six percent, which MMA said was due to an increase in the amount of money commercial banks lent to the private sector.