According to the budget book, total reserves are expected to reach USD 705 million this year.
Maldives Monetary Authority (MMA) statistics reveal that usable reserves stood at USD 62 million at the end of 2024.
The central bank statistics show that it is an increase of USD 16 million compared to November, when reserves were at USD 46 million.
The lowest recorded level last year was in October, when reserves dropped to USD 32 million. The highest level of usable reserves in 2024 was in February, reaching USD 128 million.
In November 2024, MMA revised the method for calculating usable reserves. Previously, the amount was determined by deducting predetermined short term net drains from the official reserve asset.
Under the new method, foreign currency reserves are also factored into the calculation.
Total reserves stood at USD 673 million at the end of December 2024, reflecting an increase of USD 83 million compared to USD 590 million at the end of 2023. In December, total reserves grew by USD 57 million, up from USD 616 million in November. The lowest total reserve level last year was recorded in September, at USD 371 million.
Reserves improved significantly following a USD 400 million currency swap issued by the Reserve Bank of India.
For the first time, USD 120 million from the swap was invested in Maldivian banks, rather than being deposited in a foreign bank.
According to the budget book, total reserves are expected to reach USD 705 million this year. Despite last year being one of the worst declines in usable reserves in recent history, the average usable reserves for 2024 stood at USD 75 million, which is 46 percent higher than 2023.
The currency swap facility is repayable within a stipulated period, which has previously ranged from three to six months.
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