The Maldives Monetary Authority (MMA) has stated that the implementation of the Foreign Exchange Act, aimed at increasing foreign currency revenue, played a vital role in facilitating the repayment of government debts such as the Sukuk.
The central bank made this statement in a press release issued after settling a total of $524.68 million—covering the $500 million international Sukuk issued by the Maldives government in 2021 and its final coupon payment—on April 2, 2026, in its capacity as the government’s fiscal agent.
The Authority noted that the debt was settled using funds from the official state reserves as well as the Sovereign Development Fund (SDF), which was established specifically for state debt repayment. According to the central bank, the MMA has begun implementing robust policies designed to boost the state’s foreign currency income and enhance liquidity.
Specifically, the MMA highlighted that the enforcement of the 2024 amendments to the Foreign Exchange Act has strengthened the nation’s foreign exchange system and led to significant progress in meeting the state’s debt obligations. Furthermore, the Authority stated that the increase in foreign currency revenue and the implementation of other strategic reforms were the result of vital collaborative efforts between the Maldivian government, state institutions, and the MMA.
The MMA further affirmed that it will continue to work alongside the government and all state institutions to formulate and implement the policies necessary to further strengthen the national reserves.
