According to statistics from the central bank, the Maldives’ official reserves surged to $983 million by the end of last year. This represents a 45% growth compared to the preceding year, significantly exceeding initial projections. Furthermore, the usable reserve experienced a substantial boost, rising from $63 million to $244 million—a remarkable increase of 285%.
This growth in reserves is primarily attributed to the rise in tourist arrivals, the implementation of new foreign exchange regulations, and the currency swap agreement established with India. While the state faces its highest debt repayment obligations this year, the government has provided full assurance of its capacity to meet these financial commitments amidst the strengthened reserve position.
