The Maldives Monetary Authority (MMA) statistics show that the country’s official reserve reached $614.6 million in October.
According to the MMA statistics, the reserve stood at $371.2 million in September. However, in October, this amount increased to $614.6 million.
The MMA states that the main reason for this increase is the receipt of $400 million as a currency swap from the Reserve Bank of India (RBI). The authority also informed that $120 million from this amount has been invested in Maldivian banks.
The MMA said that this decision will not only help optimize their returns but also contribute to the stability and growth of the financial sector, benefiting the entire economy.
The MMA noted that despite the increase in the official reserve, the usable reserve amount stands at $31.5 million. According to the press release issued by the MMA, the usable reserve data is calculated including the $120 million invested in Maldivian banks.
