President Dr Mohamed Muizzu has announced that the government plans to increase official reserves to USD 705 million by the end of this year.

Speaking during his Presidential Address to Parliament, he highlighted that the Maldives' official reserves had already grown in 2024, reaching USD 673.2 million by the end of the year—a 14 percent increase from USD 590.5 million in 2023.

The President expressed confidence in the country’s economic growth, stating that the economy is expected to grow by 6.4 percent this year, surpassing last year’s growth rate. He emphasised the importance of stabilising the Maldivian rufiyaa and resolving foreign exchange issues to ensure long-term economic stability.

To support these goals, the government has introduced a foreign exchange law, which is expected to have a positive impact on the country’s reserves in the near future.

President Dr Muizzu reiterated his commitment to strengthening the economy, improving financial stability, and securing a prosperous future for the Maldives.