US$ 912 million in official reserve

Central Bank, Maldives Monetary Authority (MMA) has stated that the total funds available in the Maldives’ official reserve is at US$ 912.4 million.

Statistics released by the bank in its most recent Quarterly Bulletin show the total funds available in the gross international reserves in the second quarter of the current year increased to USD 912.4 million. This is a growth of 30 percent when compared with the corresponding period last year, and an 8 percent increase when compared with the first quarter of the current year.

As per MMA, the annual growth in gross international reserves during the review quarter reflected the increase in short-term liabilities due to the swap facility obtained from the RBI in 2020, as well as the proceeds from Sukuk issued by the government in the international market during May 2020.

Despite a growth in funds available in the international reserve, the total reserve is expected to decline during the next quarter. This is mostly due to payment of the USD 400 million currency swap with India. While USD 150 million has already been paid, the government is preparing to pay the remaining USD 250 million.

Although MMA publicizes the balance available in the international reserves, it no longer publicizes the usable reserve.