Statistics have shown that the Maldives' official reserves and usable reserves declined in May this year.
According to data released by the central bank, Maldives Monetary Authority (MMA), official reserves and usable reserves at the end of May showed a decrease compared to the same period last year and April of this year. While official reserves stood at US$748.15 million in May this year, the amount was US$807.95 million during the same period last year. In April this year, the figure stood at US$756.81 million.
According to statistics, short-term debt stood at US$600.48 million at the end of May this year. Therefore, the usable reserves for May stood at US$147.67 million, a decrease from US$369.81 million in May last year. In April this year, the usable reserves were at US$151.34 million.
Usable reserves represent funds remaining after subtracting short-term debt from official reserves.
The Finance Ministry estimates that official reserves will stand at US$606.3 million by the end of the year.
