The government's official reserves and usable reserves experienced a substantial decline in July, according to data released by the Maldives Monetary Authority (MMA).
Statistics showed that official reserves in July had US$594.1 million, marking a notable decrease of US$108.1 million from June's figures. Usable reserves, which account for short-term debt deductions from official reserves, stood at $125 million in July, a sharp decrease of US$43.1 million compared to the $168.1 million in usable reserves recorded in June.
Official and usable reserve figures for the past months were as follows:
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
The previous lowest figures for official and usable reserves were recorded in October of the previous year, with official reserves at $499.6 million and usable reserves at $105.1 million. However, there was a subsequent increase in November, with official reserves at $604.2 million and usable reserves at $219 million. By December of that year, official reserves had risen to $832.1 million, with usable reserves at $267.6 million.
