Official reserve of Maldives totals USD 855.7 million

Maldives Monetary Authority tower | Photo: Maldives Independent

Malé, Maldives – Central Bank of Maldives, the Maldives Monetary Authority (MMA) has revealed that the official reserve of the Maldives is now at USD 855.7 million.

According to the statistics released by the MMA, based on the figures of the past month, the total reserve was USD 855.7 million, as opposed to the USD 830.7 million in February. The figure is also much higher in contrast to the amount of February 2020, which was USD 757.7 million.

This is a 13 percent increase from February 2020, and a 3 percent increase when compared to that of January 2021.

A large portion of this reserve is typically used in the Maldives to bring in the staple food used in the Maldives. However, since the Covid-19 pandemic hit the Maldives, with limited sources of income into the country, the country’s economy has suffered insurmountable losses, due to which, local banks have decreased the dollar limit allowed for bank cards as well.