By the end of September, usable reserve has come to USD 49 million.
By the end of September, usable reserve has come to USD 49 million.
Statistics shared by the Maldives Monetary Authority (MMA) indicate that total reserve was at USD 371 million by September end.
Usable reserve decreased due to increase in fuel expenses and debt. MMA records show that USD 322 million was spent on these last month.
For the past five months, usable reserve has stayed between USD 90 million and USD 45 million.
A currency swap facility of USD 750 million was arranged during President Dr Mohamed Muizzu's State visit to India earlier this month. This includes a USD 400 million swap facility and INR 30 billion swap facility.
MMA said last week said that efforts are ongoing with India's RBI to arrange a currency swap facility at the earliest to improve reserves.
The lowest the reserve has been in recent history was in July, where it fell to USD 45 million.
- 2022: USD 293 million
- 2023: USD 161 million
- 2024 (7 months): USD 93 million
Th reason for decreasing reserves is the expenses in USD for repayment of foreign debts and other uses.
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