Usable foreign exchange reserves increased by only USD 1 million in April

May 13, 2025, 4:57 AM

Usable foreign exchange reserves increased by USD 1 million in April, according to the Maldives Monetary Authority (MMA) data.

The usable foreign exchange reserves stood at USD 170 million in March. MMA data shows that this amount stood at USD 171 million in April.

The country's official reserves fell to USD 856 million in April. Official reserves stood at USD 791 million as of February.

Although usable reserves remained stable, these are good figures compared to late last year.

Reserves usually improve at the beginning of the year. In the first quarter of last year, usable reserves stood at more than USD 100 million.

Usable foreign exchange reserves for the past 10 months

July, 2024: USD 43.6 million
August, 2024: USD 61.2 million
September, 2024: USD 48.8 million
October, 2024: USD 31.5 million
November, 2024: USD 45.8 million
December, 2024: USD 63.2 million
January, 2025: USD 116 million
February, 2025: USD 179 million
March, 2025: USD 170 million
April, 2025: USD 171 million

The usable reserves started to improve after a currency swap deal with India late last year. USD 148 million from the deal is invested in local banks.

MMA does not count this USD 148 million in official reserves. The Maldives has previously deposited proceeds from currency swaps in foreign banks.

Maldives Monetary Authority (MMA)National Reserve Dollar Shortage

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