Sunday
24th Nov 2024
Dhivehi Edition
The national foreign reserve has declined in the first month of this year.
According to statistics published by the Maldives Monetary Authority (MMA), the country had a foreign reserve of USD 753 million. USD 371 million of those reserves were usable.
The reserves were at USD 791 million at the beginning of the year (USD 413 million in usable reserves).
The total reserves had therefore declined by USD 38 million; usable reserves by USD 42 million.
The state’s foreign reserves suffered intensely during the pandemic; the government had replenished the diminished reserves by entering into a currency swap agreement with India.
Although the state of the reserves have improved lately, regular citizens still face difficulties in exchanging Maldivian rufiyaa for United States dollars. Although the government has a exchange rate at MVR 15 per dollar, the black market rate remains at around MVR17-18 per dollar.
President Solih has promised policies to solve the dollar shortages since 2020, yet nothing has been done.