The Maldives Monetary Authority (MMA) has announced a significant increase in the state reserve of the nation, which stood at USD 827.7 million by the end of December 2022. The “Economic Update” by MMA showed a 3% rise in the state reserve compared to the previous year, reaching USD 805.8 million at the end of 2021.
One of the key factors contributing to this growth was the notable improvement seen in the final quarter of 2022. The state reserve saw a boost of USD 223.5 million in December, a 37% increase from November, taking the reserve from USD 604.2 million to USD 827.7 million by the end of the year. This remarkable growth can be attributed to the thriving tourism sector and a surge in exports from the Maldives.
According to statistics from the tourism ministry, the Maldives welcomed 184,051 visitors in December alone, a 12% rise compared to December 2021. The tourism sector has always been a crucial contributor to the Maldives’ economy and the recent growth in this sector has had a favourable impact on the nation’s financial stability.
Furthermore, the number of fisheries exports from the Maldives saw a dramatic increase in December 2022, according to MMA. The central bank reported a significant climb in the number of total exports as well, which has also played a key role in boosting the nation’s economy.
These factors, coupled with the growth in the state reserve, are a positive indication of the Maldives’ financial stability and resilience in the face of economic challenges. Increased tourist arrivals and exports have a favourable effect on the nation’s economy, according to economists, and are expected to continue driving growth in the future.
The Maldives has made significant strides in its economic development over the past few years and the recent increase in the state reserve is a testament to the nation’s progress. With a well-developed tourism sector and thriving exports, the Maldives is well-positioned to continue its economic growth in the future.