The Maldives Monetary Authority (MMA) has reported a significant rise in the country’s usable reserves, which exceeded USD 400 million by the end of March. This marks a notable increase from USD 337 million recorded at the end of February, representing a 21.3 percent jump.

According to MMA statistics, total national reserves also grew from MVR 1.27 billion in February to MVR 1.33 billion in March – an increase of 4.7 percent and the highest recorded rise to date.

Usable reserves are calculated by excluding foreign currency liabilities due within a year, as well as funds tied up in investments. This ensures the figure reflects funds that are immediately accessible for use.

Despite short-term foreign currency obligations standing at USD 1.03 billion in February, the country has strengthened its financial position. The increase in reserves comes after the Maldives repaid a major external debt of USD 500 million. The government spent MVR 8.1 billion for this repayment, drawing from the Sovereign Development Fund and state reserves.

The latest figures indicate improved liquidity and a stronger reserve position following the debt settlement.