According to the latest statistics from the Maldives Monetary Authority (MMA), the country’s official reserves reached $1.03 billion by the end of January, with usable reserves climbing to $301.4 million. This marks a significant 25% increase in usable reserves compared to the figures recorded at the end of last year. The primary drivers of this growth include the surge in tourist arrivals and the increased inflow of foreign currency into the banking sector under the newly implemented foreign exchange regulations. Furthermore, the MMA has decided to increase the allocation of foreign currency to banks by 32% to assist businesses importing goods for the upcoming month of Ramadan
