Dollar reserve at USD 45 million last month, Governor projects improvement in August

Maldives' US Dollar reserve was at USD 45 million by the end of last July, but efforts to revive the country's financial situation will result in an improvement this month, said newly appointed Governor Ahmed Munawwar today.

Clarifying to local media outlet Mihaaru about the decreased reserve, Governor Munawwar said that due to the economic hardship faced by the country due to the Covid-19 pandemic, an agreement was made between the country's central bank Maldives Monetary Authority (MMA) and the Ministry of Finance in 2019, to convert and deposit the dollars from the Sovereign Development Fund (SDF) to MMA to be included in the usable reserves. However, this was stopped from last December onwards, he said.