According to statistics from the Maldives Monetary Authority, the National Reserves observed a moderate 5% decline at the end of March 2025.
The National Reserves dropped to USD 791 million by March end, whereas it stood at USD 832.1 million by the end of the preceding month – indicating a 4.9% decline. This also marks the first time the country’s National Reserves has observed a drop following gradual month-by-month increment since September 2024.
National Reserves Growth
- September 2024: USD 371.2 million
- October 2024: USD 614.6 million
- November 2024: USD 616.2 million
- December 2024: USD 673.2 million
- January 2025: USD 708.1 million
- February 2025: USD 832.1 million
The central bank further noted that the primary reason for the reserve increment in January was the higher earning against expenditure. Foreign currency reserves to the state – through taxes and fees – saw a 12% increment by January.
MMA also noted that businesses that earned in foreign currencies, had exchanged 50% more to local commercial banks.
While the National Reserves dipped significantly last year, the currency swap of USD 400 million with the Indian government resuscitated the funds.