Maldives reserves rise to $614m in Oct via India currency swap
MMA disclosed that usable reserves stood at $31.5 million.
Maldives Monetary Authority (MMA) reported on Tuesday that the nation’s official reserves rose to $614.6 million last month, an increase from $371.2 million recorded in September.
According to MMA data, the rise in reserves was primarily attributed to a $400 million currency swap from the Reserve Bank of India. Out of this amount, $120 million has been allocated to Maldivian banks, a measure aimed at enhancing returns and supporting stability and growth in the financial sector.
The MMA noted that this investment aligns with its goal of optimising returns on reserves while benefiting the broader economy.
Despite this increase in official reserves, the MMA disclosed that usable reserves stood at $31.5 million, inclusive of the $120 million placed in Maldivian banks.
