Maldives Monetary Authority (MMA) has revealed that the official state reserve has increased to over USD 800 million at the end of 2022.
Statistics from MMA show that the official reserve was at USD 827 million by the end of 2022, and it had increased by USD 223 million during December. Moreover, statistics from December 2021 also shows that the usable reserve was at USD419 million.
The official state reserve is increasing significantly due to the development of the tourism industry and the diversification of the economy, according to MMA. Furthermore, statistics from the Maldives Inland Revenue Authority (MIRA) show that the state received USD 135 million in US dollar revenue in December, which is a USD 71 million increase compared to November. The top revenue contributors were payments for the gross domestic product (GST), tourism land rent, and lease period extension fees.
