Usable reserves stood at USD 163 million by the end of March, down from USD 179 million in February. In addition, official reserves also fell by nearly 5 percent, dropping from USD 832 million to USD 790 million.
Maldives’ usable reserves declined by 4 percent at the end of March, according to the latest figures released by Maldives Monetary Authority (MMA).
Usable reserves stood at USD 163 million by the end of March, down from USD 179 million in February. In addition, official reserves also fell by nearly 5 percent, dropping from USD 832 million to USD 790 million.
The decline follows a period of recovery driven by a USD 400 million currency swap agreement with the Reserve Bank of India. Of this, USD 120 million was invested directly into Maldivian banks; marking the first time a currency swap facility has been utilized in this way. Previously, funds were held in foreign banks.
As a result of the currency swap, Maldives’ total reserves remained above USD 700 million for the past three months.
At the end of December 2023, total reserves stood at USD 673 million. Despite last year marking one of the steepest drops in usable reserves in recent times, the average usable reserves in 2024 have so far reached USD 75 million; a 46 percent increase compared to 2023.
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