Total reserves increase by two percent

The Maldives' total reserves increased by two percent in the first quarter of the year, the Central Bank, Maldives Monetary Authority (MMA) said on Thursday.

According to the MMA's quarterly bulletin released on Thursday, the Maldives' total reserves stood at $865.2 million at the end of the first quarter. This is an increase of two percent compared to the same period last year.

The central bank said the main reason for the increase in reserves during the period was the increase in tourism revenue.

Reserves increase and decrease with changes in the economy. Although the amount in the usable reserve was publicized in the past, the central bank no longer discloses the information.

Finance Minister Ibrahim Ameer has repeatedly said that the Maldives' reserves will have enough money to purchase five months of imports.