Maldives Monetary Authority (MMA) stated in its quarterly economic bulletin that the national reserve increased to USD 984.8 million in 2020.
MMA stated the increase was due to a currency swap of USD 400 million with the Reserve Bank of India. This increase is 31% higher than the previous year.
MMA also revealed that USD 150 million was swapped in April as part of the currency swap with the Reserve Bank of India and the remaining USD 250 was swapped in December.
Furthermore, USD 250 million worth of Treasury Bonds were released during September.
Maldives faced a great shortage of revenue after closing its border because of the COVID-19 pandemic. However, Maldives reopened its border in July and has since seen a growth in revenue with its economy gradually recovering.