The Maldives’ official reserve assets stood at USD 810.05 million at the end of August, reflecting a 4.5 percent increase compared to July’s USD 774.5 million, according to the latest data released by the Maldives Monetary Authority (MMA).
This growth in headline reserves is attributed to ongoing government measures aimed at strengthening the country’s foreign currency position. Official reserves were further supplemented by USD 117.22 million in securities investments and other foreign currency assets not formally classified as reserves, raising the overall foreign currency holdings beyond the reported figure.
Despite this positive trend, the rise in reserves has been overshadowed by a sharp increase in short-term foreign exchange obligations. These payables surged to USD 738.63 million in August, up from USD 688.24 million in July. As a result, the nation’s usable reserves—the amount of foreign exchange readily available after accounting for immediate liabilities—fell by 11.5 percent month-on-month. Usable reserves dropped to USD 188.64 million in August, down from USD 213.22 million in July.
To ease the strain on reserves, the MMA has been implementing measures such as directing 60 percent of dollar inflows through banks into reserves under the new foreign exchange law. Stronger tourism earnings have also boosted inflows, while the USD 400 million currency swap arrangement with the Reserve Bank of India (RBI) under the SAARC framework continues to provide vital liquidity support.
Looking ahead, the government faces significant challenges, with the MMA expected to settle more than USD 1 billion in payments next year.
Government’s Investment in Higher Education
Alongside efforts to manage the reserves, the government has also highlighted its financial commitment to higher education. New figures from the Ministry of Higher Education, Labour and Skills Development show that over USD 69 million has been disbursed in student loans and scholarships since the beginning of 2024.
Between January 2024 and 11 September 2025, USD 69.1 million was issued as student loans to 1,226 students. Of this, USD 23.7 million has been allocated so far this year to 396 students—153 males and 243 females.
In total, 560 male students and 666 female students have benefited from the loan scheme, while an additional USD 23.9 million was granted in scholarships during the same period.
The Ministry further reported that more than USD 17.3 million has been spent on undergraduate studies for 4,469 students since 2024. In 2025 alone, over USD 7.5 million supported 1,687 undergraduates.
The figures also provide insight into enrollment and completion trends. Since 2024, 4,469 new students have registered for undergraduate studies, with female students making up the majority (2,806 compared to 1,663 males). Over the same period, 5,579 students have graduated, including 2,237 in 2025 alone. Currently, 8,330 students are pursuing their first-degree programs.
