Maldives Monetary Authority (MMA) recorded USD 685 million in the state reserve at the end of January 2020.
Compared to the same period last year, MMA noted that the reserve value is an increase of USD eight million. MMA predicts the state reserve to be at USD 863 million at the end of the year.
In 2019, the greatest increase in government reserve was experienced in February with a peak amount of USD 938 million. In March, the sum fell by USD 170 million to USD 776 million.
In 2019, President Ibrahim Mohamed Solih's administration modified the currency swap agreement with the Reserve Bank of India, increasing the amount from USD 200 million to USD 400 million, as a short-term measure to increase the state reserve.
As part of his presidential pledges, President Solih vowed to increase the state reserve to USD 1 billion within the five years of his administration.
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