Maldives Monetary Authority (MMA) has revealed the national reserve of Maldives is currently at USD 752 million.
The central bank, MMA, said it estimated the national reserve to be at USD 635 million. However, there was an increase of USD 117 million compared to the estimated amount. MMA attributed the increase of the national reserve to increase in revenue from the tourism industry and the progress of economic growth.
The central bank estimates the national reserve to be at USD 863 million by the end of 2020. MMA estimates the tourism industry and the construction industry to contribute to the increase of the national reserve in 2020.
Further, MMA estimates the growth of the tourism industry to be at 9.6 percent in 2020, as the use of the new runway constructed at Velana International Airport (VIA) and the opening of several tourist resorts will contribute to further development of the industry. MMA also said the infrastructure development projects planned by the government would attribute to a 9.3 percent growth of the construction industry in 2020.
MMA predicted 2020 would be a prosperous year for the economy of Maldives.