Official and usable reserves decline in April

The Maldives' official and usable reserves have decreased in April compared to March 2023, according to the Maldives Monetary Authority (MMA).

The central bank reported that official reserves were at $756.81 million in April, compared to $764.63 million in March. Meanwhile, usable reserves, which are calculated by subtracting short-term debt from official reserves, dropped by $48.66 million in April, from $200 million in March to $151.34 million.

MMA data shows that official reserves amounted to $790 million, and usable reserves stood at $253.8 million in January. In February, official reserves were $795.8 million, with usable reserves amounting to $235.4 million.

The Finance Ministry projects that official reserves will reach $606.3 million by year-end.