Maldives' usable reserves stood at USD 179 million at the end of February, marking an increase of USD 63 million from the previous month.
Maldives' usable reserves stood at USD 179 million at the end of February, marking an increase of USD 63 million from the previous month, according to data released by the Maldives Monetary Authority (MMA).
Usable reserves stood at USD 116 million in January.
The highest increase in reserves last year was recorded in February, when reserves stood at USD 128 million. However, reserves saw a sharp decline to USD 32 million in September, the lowest point of the year.
MMA has begun depositing foreign currency from the tourism sector into Maldivian banks.
Reserves started improving after the Reserve Bank of India (RBI) provided a USD 400 million currency swap, with USD 120 million from the facility injected into Maldivian banks.
This marks the first time the currency swap funds were used in this manner, as they were previously held in a foreign bank.
While usable reserves have increased, total reserves stood at USD 832 million last year.
As reserves stabilize, the government is exploring ways to raise funds through MMA. Discussions with the Ministry of Finance have included plans to generate revenue through the Housing Development Corporation (HDC) by selling land plots, with potential funding amounts ranging from MVR 8 billion to MVR 20 billion.
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