President Ibrahim Mohamed Solih has revealed the aim is to raise the country's foreign currency reserves to USD 1 billion by the end of the presidential term. The president made the statement while delivering his maiden presidential address.
Noting the administration strives to actualise substantial and sustainable economic development, the president also revealed the aim to increase state revenue to USD 1.940 billion by the end of the presidential term. The president highlighted, at the end of 2018, the foreign currency reserve of the Maldives amounted to USD 757.8 million and the amount is forecast to increase to approximately USD 803.4 million towards the end of the year.
Speaking about state revenue, which stands at an estimated at USD 1.5 billion, the president said the aim is to increase the amount in annual revenue to USD 1.940 billion by the end of the presidential term.
The president also announced the introduction of a number of Islamic monetary policy instruments.