The Maldives’ official and usable reserves witnessed a significant drop by the end of September, according to the latest data released by the Maldives Monetary Authority (MMA).
After showing an upward trend in August, official reserves dropped to $371 million in September, down from $444 million recorded at the end of August. Usable reserves also decreased, standing at $49 million in September compared to $61 million the previous month.
MMA’s data further showed that official reserves were recorded at $395 million at the end of July, with usable reserves at $43 million during the same period. Despite a brief increase in August, the downward trend resumed in September.
The Maldives relies heavily on its reserves to meet essential imports such as oil, rice, flour, sugar, and medicines, with the country requiring more than $70 million a month for these basic commodities. The continued decline in reserves underscores the financial pressures faced by the island nation.
After showing an upward trend in August, official reserves dropped to $371 million in September, down from $444 million recorded at the end of August. Usable reserves also decreased, standing at $49 million in September compared to $61 million the previous month.
MMA’s data further showed that official reserves were recorded at $395 million at the end of July, with usable reserves at $43 million during the same period. Despite a brief increase in August, the downward trend resumed in September.
The Maldives relies heavily on its reserves to meet essential imports such as oil, rice, flour, sugar, and medicines, with the country requiring more than $70 million a month for these basic commodities. The continued decline in reserves underscores the financial pressures faced by the island nation.
