Maldives Monetary Authority (MMA) data shows that by the end of March, usable reserves held USD 337.2 million.
As per MMA's statistics, this is an increase of USD 36 million from January, when usable reserves stood at USD 301 million.
Official and usable reserves have been increasing since the last quarter of 2025. Official reserves saw an increase of USD 405 million over the past five months. At the end of February, official reserves stood at USD 1.2 billion, a record in Maldives.
The rise in reserves is linked to higher dollar exchanges by the tourism sector at local banks. MMA also secured a currency swap facility from the Reserve Bank of India to support reserve levels.
At the end of January, official reserves stood at over USD 1 billion. Official reserves reached USD 1 billion previously as well, in September, 2021. Since then, the amount was reached in January this year.
While official reserves are at USD 1.2 billion, Maldives' largest debt to date, the USD 500 million sukuk, is due for repayment this month.
The highest spending from the reserves at present is on debt repayment and fuel imports. The costs of fuel imports are expected to rise exponentially this year in light of the ongoing Middle East war.
