National reserve declines to USD 728 million by end of July

Maldives Monetary Authority (MMA) headquarters in Male' City. (Sun Photo/Mohamed Muzain Nazim)

Maldives’ national reserve has declined to USD 728 million by the end of July.

Statistics publicized by Maldives Monetary Authority (MMA) shows that this is the first the national reserve has declined by this much since November 2020. Back then, the reserve stood at USD 629 million.

Comparing the numbers back to a year, the national reserve stood at USD 1.02 billion in September 2021. This was when the reserve peaked the highest in recent times.

Starting from March of this year, the reserve has been on a continuous decline. In March, the reserve stood at USD 865 million. By July, it decreased by USD 137 million – to stand at USD 728 million. This is 15 percent decline.

A delegation of International Monetary Fund (IMF) that traveled to Maldives back in June publicized a report subsequently, in which they forecasted decline in reserve and increase in prices of goods.

MMA, now, only publicizes the total amount remaining in reserves in their statistics. The amount in usable reserve therewith remains undisclosed.

However, responding to a query by North Galolhu MP Eva Abdulla in last June, Finance Minister Abdulla Ameer said that five months’ worth usable reserve will be there by the end of July.