MMA to strengthen reserves after $500M Sukuk repayment
The settlement was carried out using official reserves and the Sovereign Development Fund (SDF).
The Maldives Monetary Authority has stated that its focus will shift towards strengthening foreign currency reserves following the settlement of the USD 500 million Sukuk issued in international markets.
The government completed the repayment last Thursday, ahead of its maturity date of 8 May. The settlement was carried out using official reserves and the Sovereign Development Fund (SDF).
In a statement issued on Friday, the central bank said it has begun implementing policy measures aimed at increasing foreign currency inflows and improving liquidity in the financial system.
The MMA said a key measure includes the enforcement of amendments to the Foreign Exchange Act introduced in 2024. The authority stated that these measures are intended to strengthen the foreign exchange framework and support the management of state debt obligations.
“The augmentation of foreign currency income and the implementation of related strategic reforms are the results of concerted efforts between the Maldivian government, relevant state institutions, and this Authority,” the statement said.
The MMA said maintaining financial and monetary stability, along with ensuring the circulation of foreign currency in the domestic market, remains a priority.
“Moving forward, this Authority will continue to collaborate with the government and all state institutions to formulate and execute the necessary policies to further consolidate the national reserves,” the statement added.
