Maldives reserve exceeds US$ 685 mln

Central bank, Maldives Monetary Authority (MMA) has revealed that the State Reserve had reached US$ 685 million.

Central bank's monthly economic review indicates Maldives state reserve reached a total of US$ 685 million by the end of January, an increment of US$ 8 million compared to the same period last year.

Statistics show that the state reserve increased marginally in the month of February to US$ 938 million last year. By the end of the year, the reserve had dropped to US$ 315.9 million.

MMA has forecasted that State Reserve will hold US$ 863 million by the end of 2020.

President Ibrahim Mohamed Solih has previously stated that he will increase the State Reserve to USD 1 billion by the end of his tenure.