Maldives Monetary Authority (MMA) has announced an increase in official state reserves for February compared to January of this year.
The latest statistics from MMA show that official reserves were at USD551 million at the end of January. However, by the end of February, they had increased to USD589 million, marking a USD37 million increase. Notably, official state reserves were recorded at USD589 million in December and USD581 million in November last year. While January saw a decline compared to these months, February witnessed an increase.
The statistics also reveal that usable state reserves saw an increase in February compared to January, reaching USD 129 million by the month's end, up from USD108 million in January.
President Dr. Mohamed Muizzu has expressed optimism about the economy's recovery over the past four months. The government is striving to enhance the nation's economic and financial landscape, aiming to alleviate debt burdens and facilitate foreign exchange accessibility. The President reassured that the government remains steadfast in overcoming the financial challenges encountered upon taking office, striving to instigate positive economic transformations and bolster the welfare of the populace.