The latest updates from Maldives Monetary Authority (MIRA) reveal the official reserves of the island nation, or Gross International Reserve (GIR) has reached USD926.1 million as of May 2021 end.
MMA, in their latest ‘Economic Update’ revealed that the country’s reserved stood at USD878.0 million by the end of April, while the increment was observed by the time it reached May end. Moreover, this increment is an 11% growth in comparison with the corresponding period of 2020.
Furthermore, this also marks the first time in recent months with such a significant improvement in the country’s reserves.
Earlier, the peak in Gross International Reserves for 2020 was registered in December where it was registered at USD984.93 million, which had been a direct result from the USD400 million currency swap from India.
Following this the country’s reserve held between USD800 million on average for the most part of 2021.
In accordance with the regulations and policies of the Maldives central bank, though GIR shows increment, the “Usable Reserve” is strictly for utilization. In general the country’s usable reserve pre-Covid stood around USD200 million.