According to data released by the Maldives Monetary Authority (MMA), there has been a significant drop in the nation’s official and usable reserves for the month of July.
July’s figures indicate that the official reserves stood at US$594.1 million, reflecting a decrease of US$108.1 million compared to June. Concurrently, usable reserves, once short-term debt deductions from official reserves have been accounted for, amounted to $125 million. This shows a dip of US$43.1 million from the previous month’s tally of $168.1 million.
For context, here’s a monthly breakdown of the reserves:
- January: Official reserves $790 million | Usable reserves $253.8 million
- February: Official Reserves $795.8 million | Usable Reserves $235.4 million
- March: Official reserves $764.6 million | Usable reserves $200.2 million
- April: Official reserves $756.8 million | Usable reserves $151.3 million
- May: Official reserves $748.2 million | Usable reserves $147.7 million
- June: Official reserves $702.2 million | Usable reserves $168.1 million
- July: Official reserves $594.1 million | Usable reserves $125 million
Historical data highlights that the lowest figures for official and usable reserves were documented in October of the prior year. Then, official reserves were at $499.6 million and usable reserves at $105.1 million. Notably, a resurgence was observed in November with official reserves registering $604.2 million and usable reserves climbing to $219 million. By the close of the year, in December, the official reserves had ascended to $832.1 million, and usable reserves were pegged at $267.6 million.
