Maldives Monetary Authority (MMA) has disclosed that the national reserve of the country has seen exponential growth in 2022.

Statistics publicized by MMA shows that the national reserve was at USD 827 million by the end of 2022.

Statistics shows that USD 134 million was earned as revenue in foreign currency, during December 2022. This is an increase of USD 71 million compared to November 2022.

Maldives Inland Revenue Authority (MIRA) notes that the increase in revenue is due to the increase in income generated from Tourism Goods and Services Tax and rent from resorts.

MMA's statistics goes on to show that the national reserve saw the highest amount during the past four years. As such, it was noted by the Central Bank that, from December 2018 to December 2022, the average of the national reserve was at USD 817.

This is 39 percent increase compared to the five years before that.

Furthermore, the last four years also saw the national reserve reaching USD one billion for the first time, in September 2021.

During the last four years, the least amount the national reserve saw was USD 499.63 million. However, the years before saw the national reserve dropping to USD 343.5 million.

The usable reserve of the country saw an increase to USD 419 million for the first time, during December 2021.

While proposing the state budget for 2023, Minister of Finance Ibrahim Ameer has stated that the national reserve of the Maldives is projected to be at USD 606 million in 2023.

As such the Minister noted that world market is seeing rise in prices of oil and other goods, even though the Maldivian Economy is seeing improvements. He stated that the reason for the slow rise in inflation in Maldives is due to the subsidies and other policies implemented by the administration.

Minister Ameer went on to say that these policies are not sustainable or ideal for the long run. He said that these policies increases the gaps in economic growth. Hence, he noted that changes need to be brought to these policies in the future.

The Finance Minister stated that the Maldivian inflation rate is projected to be at 5.4 percent in 2023.

Noting that the national reserve of the Maldives plays the most important role in monitoring the fiscal and economic policies of the country, Minister Ameer stated that there are obstacles in increasing the reserve in a short notice. As such he highlighted the rise in prices of goods, specially the rise in prices of oil and even the increase in the number of imports of the country.

The Minister went on to say that the Maldivian economy is seeing growth even in the midst of all the impediments that the economy of the world is facing. He said this is the result of the administration's fiscal policies. He went on to note that the fiscal policy of the state played a huge role in running the Maldivian economy as it was brought to a halt in 2020, due to the Covid-19 pandemic.