MMA Reports Increase in Official and Usable Reserves

The Maldives Monetary Authority (MMA) revealed that at the end of August, the nation’s official reserves stood at USD 694.2 million, marking a USD 100 million increase from USD 594.1 million recorded at the end of July.

This year began with the official reserves at a substantial USD 790 million in January. However, despite fluctuating throughout the months, the reserves have shown an encouraging uptick in recent times.

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A breakdown of the monthly data is as follows:

  • January: Official reserves at USD 790 million and usable reserves at USD 253.8 million.
  • February: Official reserves at USD 795.8 million with usable reserves at USD 235.4 million.
  • March: Official reserves recorded at USD 764.6 million, while usable reserves stood at USD 200.2 million.
  • April: The official reserves totalled USD 756.8 million, and usable reserves were USD 151.3 million.
  • May: The figures were USD 748.2 million for official reserves and USD 147.7 million for usable reserves.
  • June: USD 702.2 million in official reserves, and usable reserves tallied at USD 168.1 million.
  • July: The country had official reserves of USD 594.1 million and usable reserves of USD 125 million.

The Finance Ministry has projected that by the end of this year, the official reserves will be approximately USD 606.3 million.

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