Maldives’ official reserves stood at USD 1.3 billion at the end of the first quarter of this year, while usable reserves exceeded USD 400 million, figures released by the Maldives Monetary Authority (MMA) show.

Central bank’s monthly reserve data shows official reserves rose to USD 1.3 billion by the end of March, up from USD 1.2 billion in February. In March last year, official reserves stood at USD 791 million.

The data indicate that reserves increased by 68.2 per cent in the first quarter compared to the same period last year.

In addition to official reserves, foreign currency deposits held in banks and available for use rose to USD 81 million by the end of March. This brings total reserves to approximately USD 1.4 billion.

During this period, short-term external liabilities were recorded at around USD 1 billion. Usable reserves are calculated by subtracting these liabilities from total reserves, including both official reserves and other foreign currency assets.

Based on this calculation, usable reserves stood at USD 408 million at the end of March.

On 2 April, the Government repaid USD 500 million in Sukuk issued in 2021, along with USD 24.68 million in interest, marking the largest external debt repayment due this year.

The repayment was made using funds held in reserves as well as savings from the Sovereign Development Fund (SDF). While earlier estimates suggested reserves would fall to around USD 350 million following the repayment, the March figure of USD 408 million indicates that the remaining balance is higher than previously expected.