Maldives Monetary Authority (MMA) has revealed that the official state reserve is increasing significantly due to the development of the tourism industry and the diversification of the economy.
Statistics from MMA show that the official reserve was at USD827 million by the end of 2022, and it had increased by USD223 million during December. The statistics further show that the official reserve has been consistently high in the past four years, holding steady at an average of USD817 million during 2018-2022. The average state reserve during the period is 39% more compared to the amount during the previous administration of President Abdulla Yameen.
Moreover, the official reserve increased to a record high after reaching USD1.02 billion in September 2021. The reserve was the lowest at USD499 during the current administration, which is still higher compared to the lowest during the previous administration at USD344 million.
Additionally, the state’s usable reserve was also at its highest during the current administration. The usable reserve is the remainder of the official reserve after deducting the debts owed by the state. MMA currently does not provide information on the usable reserve. However, the statistics from December 2021 show that the usable reserve was at USD419 million during that period, which is 33% more than when it was at its highest during the previous administration. The usable reserve was at its lowest during the previous administration when it fell to USD52 million in 2017.
Furthermore, statistics from the Maldives Inland Revenue Authority (MIRA) show that the state received USD135 million in US dollar revenue in December, which is a USD71 million increase compared to November. The top revenue contributors were payments for the gross domestic product (GST), tourism land rent, and lease period extension fees.