Gross reserves rose to a record high and usable reserves rose to more than USD 300 million, according to data from the Maldives Monetary Authority (MMA).

The total reserves stood at USD 1.03 billion.

This is the first time since September 2021 that gross reserves have reached USD 1 billion. The usable reserves exceeded USD 300 million for the first time during the period.

Usable reserves are now calculated by deducting short-term debt (predetermined short-term net drains) from total reserves and including money held by the MMA in banks (paid foreign currency assets). The formula calculates the usable reserves at USD 305.3 million.

Usable dollar reserves (2025)

• January - $116 million
• February - $179 million
• March - $170 million
• April - $171 million
• May - $218 million
• June - $203 million
• July - $213 million
• August - $188 million
• September - $194 million
• October - $193 million
• November - $197 million
• December - $244 million

Year-on-year calculations show a significant increase in usable reserves. Reserves increased by USD 189 million during the period.

The government aims to pay off most of its debt this year and keep its total reserves above USD 1 billion by the end of the year.