President Mohamed Muizzu has said foreign currency reserves are currently low but should improve substantially within six months as ongoing measures take effect.
Speaking on a state media programme, he noted that monthly progress is expected based on current efforts. Total reserves were recorded at USD 643.8 million at the end of last month, with usable reserves at USD 200 million — the lowest level this year.
A major factor is the maturity of a 30-billion-rufiyaa currency swap with the Reserve Bank of India, which accounts for nearly half of total reserves and is due to expire in June next year.
Authorities have reported a 40 percent increase in foreign-exchange conversions in the final quarter. Higher tourism receipts and other inflows are projected to support recovery.
The government continues to face annual external debt repayments in the range of USD 300–400 million.
