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The Maldivian government's usable reserves stood at 63.2 million US dollars at the end of 2024, PSM News, the official state media of the Maldives, reported on Sunday.
PSM News, quoting the country's central bank, Maldives Monetary Authority (MMA), said the government's general reserves stood at $673.2 million at the end of 2024.
The MMA also reported $148.56 million in other foreign exchange assets, bringing total reserves to $821.8 million, reports Xinhua citing the PSM News.
The total usable reserves are calculated after deducting the amount of foreign exchange obligations payable for the coming year. As of the end of 2024, predetermined short-term net drains stood at $758.56 million, according to MMA data.
The report noted that the Maldivian government has launched several initiatives to bolster state reserves, as credit rating agencies have identified the decline in reserves as a primary factor contributing to the Maldives' falling credit rating.
To address the ongoing foreign currency shortage, the government has pushed through a new foreign currency law, which mandates tourism facilities to exchange a portion of their foreign earnings through local banks, according to PSM News.