Maldives’ gross reserves exceed $1bn for first time, says president
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President Mohamed Muizzu said on Thursday that the Maldives’ official gross reserves have exceeded $1 billion for the first time.
Delivering the presidential address at the opening sitting of Parliament this year, the President said agreements reached with China to refinance part of its loan portfolio, along with the rollover of a currency swap facility provided by India, have contributed to the increase in official reserves.
The President said that following the implementation of the Foreign Exchange Act, $492 million was deposited with the Maldives Monetary Authority (MMA) between January and December last year.
He said these measures led to a rise in the country’s official reserves, which currently stand at more than $1.13 billion.
“This is the highest level of official gross reserves recorded by the Maldives,” the President said.
Providing an update on government revenue, the President said total revenue and grants amounted to MVR 38 billion last year. He said tax revenue reached MVR 28.1 billion following the implementation of revenue-enhancing policies, while non-tax revenue stood at MVR 9.6 billion.
According to the President, total revenue and grants increased by 12 per cent compared to 2024. He said revenue and grants are projected to reach MVR 40.4 billion this year.
The President said foreign exchange earnings are expected to reach $1.2 billion, noting that this has increased dollar deposits in the Sovereign Development Fund (SDF), which is used for debt repayment, and has supported the improvement in official reserves.
