Maldives Monetary Authority (MMA) has revealed that the country's national reserve has reached USD 752 million.
According to an official of the MMA, this amount exceeded the expected estimate the year 2020 by USD 117 million. The original estimate was USD 635 million.
MMA stated that the gross reserve improved due to an increase in revenue from tourism, which in turn boosted the economy.
As such, the national reserve is estimated to reach USD 863 million by the end of 2020 due to expected developments in the tourism and construction sector.
A 9.6% growth is anticipated for the tourism sector in 2020. This growth is attributed to developments such as the new runway added to Velana International Airport and new resorts that will open in 2020.
Likewise, infrastructure projects by the government are expected to bring a 9.3% growth to the construction industry.
2020 is forecasted to be a progressive year for the country's economy.
