State reserve had reached USD 776.6 million by the end of January, reveals the country's central bank - Maldives Monetary Authority (MMA).

According to MMA's monthly economic review, state reserve had USD753 million at the end of 2019. This amount saw a three percent increase compared to the month of December with USD 776.6 million in the state reserve by the end of January.

As such, MMA has forecasted that state reserves will reach USD 863 million at the end of 2020.

During this year's presidential address, President Ibrahim Mohamed Solih announced that his administration aims to raise state reserves up to USD one billion by the end of his five-year tenure.

MMA's statistics and the state budget both predict economic growth within the country due to development in the tourism sector and construction sector - especially with the launch of several PSIP's last year. However, economic analysts also predict the Maldives' economy will take a hit due to the impact of the fast-spreading coronavirus on the country's tourism industry.

While the country's tourism industry is largely dominated by Chinese tourists, the novel coronavirus emerged from Wuhan city in China and has led to the Maldives issuing a temporary halt on direct flights from the southeastern asian nation.