The Maldives Monetary Authority (MMA) has stated that usable reserves increased to over $400 million by the end of last March. This was the reserve level prior to the settlement of the state's sukuk.

Statistics released by the MMA show that official reserves increased compared to the previous month. By the end of February, official reserves stood at $1.27 billion; however, this figure rose to $1.33 billion in March, marking a 4.7% increase. Notably, this is the highest level official reserves have reached to date.

Usable reserves are calculated by deducting foreign currency obligations due within the next year from the total of official reserves and foreign currency investments not included in official reserves. This represents the amount immediately available for use from the reserves.

According to the data, short-term foreign currency obligations stood at $1.03 billion by the end of February. With the strengthening of official reserves, usable reserves also saw growth; while usable reserves stood at $337 million at the end of February, the figure crossed $400 million by the end of March. By late March, usable reserves reached approximately $409 million, a 21.3% increase.

These figures reflect the reserve status before the Maldives repaid its largest-ever debt—the $500 million sukuk. Approximately 8.1 billion Rufiyaa was spent to settle this debt, for which the government had undertaken extensive preparations. The government stated that the debt was settled using the Sovereign Development Fund and state reserves.