Maldives official reserve reached USD 752 million: MMA

As per the central bank MMA, the official reserve of the Maldives has reached USD 752 million.

In an interview given to AVAS, an official of MMA said that this amount is higher than what they had anticipated.

In the budget for 2020, it was estimated that by the end of the year 2019 that there will be USD 635 million in reserve.
Hence, the above figure is USD 117 million higher than the expected figure. The gross reserve has improved since the income generated from the tourism sector has increased.

It is anticipated that by the end of the year 2020 there will be USD 863 million in reserve of the Maldives.

The anticipated improvement in the next year’s reserve is due to the expected development in the tourism and real estate sector.

It is expected that the revenue generated from the tourism sector will increase to 9.6%, which will be brought up by the development of Velana International Airport and the opening of new resorts that will bring further developments.

Furthermore, it is expected that income generated from infrastructure developments will bring an increase of 9.3%

It is anticipated that next year will be a prosperous year for the Maldives.