The Maldives Monetary Authority (MMA) has reported a 6.1 percent increase in the national reserve by the end of September.

According to the latest figures, the reserve stood at USD 859.46 million at the end of September, up from USD 810.05 million in August. Usable reserves also rose slightly from USD 189 million in August to USD 194 million in September.

Compared to the same period in 2018, when the reserve stood at USD 371.22 million, this marks a 131.5 percent increase.

The reserves had peaked at USD 1.02 billion in the third quarter of 2021 and reached their highest level in 2020 at USD 984.93 million. However, reserves fell to USD 590.52 million by the end of 2023 during the previous administration, mainly due to large foreign loan repayments, including two USD 500 million Sukuk payments made in 2021.