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.