Maldives National Reserve increases to USD 900 million
This is USD 48.1 million more in comparison to the USD 878 million the country's national reserve was at during April
The country's central bank, Maldives Monetary Authority (MMA)
Maldives National Reserve has exceeded USD 900 million.
The country’s central bank, Maldives Monetary Authority (MMA) publicized its monthly statistics which indicate that the country’s national reserve had risen to USD 926.1 million by the end of May 2021.
By the end of 2020, Maldives Gross International Reserve was at USD 984.8 million, which is a 31 percent increase from the USD 753.5 million recorded by the end of 2019.
However, the country’s national reserve dropped to USD 800 million by January 2021, during which the country’s reserve was recorded at USD 830.7 million.
The amount rose to USD 855.7 million during February and declined to 844.7 million by the end of March 2021.
During the month that followed, the reserve once again increased to USD 878 million.
With the reserve money remaining around the USD 800-mark within the first few months, it increased to USD 900 million during May 2021. This was a 48.1 percent increase in comparison to the amount recorded during April.
Although the country’s national reserve had USD 712 million by the end of 2018, the year during which incumbent president Ibrahim Mohamed Solih assumed office, only USD 281 million were spent in expenses. During 2019, the reserve saw an increase to USD 753.3 million, with usable reserve rising to USD 315.8 million. This was the first time since 2012 that the Maldives usable reserve saw a hike.
The incumbent administration prioritizes sustaining the national reserve, even with the challenges in the face of the ongoing Covid-19 pandemic.
