MMA Reports Increase in Foreign Reserves for February

The Maldives Monetary Authority (MMA) has announced a month-on-month increase in the country’s official state reserves for February 2024. Following a slight dip in January, reserves rose by USD 37 million to reach USD 589 million by the end of February.

This positive trend builds on levels recorded in November and December of last year, when reserves stood at USD 581 million and USD 589 million, respectively. Additionally, figures for usable state reserves also showed improvement, climbing to USD 129 million in February after starting the year at USD 108 million in January.

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President Dr Mohamed Muizzu has cited the figures as a sign of economic recovery. President Muizzu expressed optimism, stating that efforts to address the country’s economic and financial challenges are yielding results. The government has prioritized reducing debt burdens, enhancing foreign exchange accessibility, and driving positive transformation in the nation’s economy.

While these figures offer an encouraging sign, a nation heavily reliant on tourism continues to navigate economic complexities following the disruptions caused by the global pandemic.

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