Maldives' reserves recorded major gains in February, central bank figures have shown.
According to Maldives Monetary Authority (MMA) figures, the country’s official reserves stood at USD708.1 million by the end of January. However the figure had risen to USD832.1 million as of February, recording an increase of USD124 million in a single month with an increase of 18 percent.
With the official reserves, the usable reserves have also increased in February. The usable reserves stood at USD116 million in January, according to central bank data. By February, the number had increased to USD179.1 million which is a 54 percent increase in just one month.
The country’s reserves have made strong gains at a time when the government has enforced a new foreign exchange law mandating tourist establishments to exchange a portion of their revenue to local banks.