The Maldives’ reserves have fallen sharply, with the current usable reserves only sufficient to import basic goods for one month, according to data from the Central Bank of Maldives (MMA).
The Maldives requires more than US$70 million a month to import basic commodities such as oil, staple foods and essential medicines.
According to the MMA's June Economic Update, official reserves stood at US$492.2 million as of end of May. This is a decrease of US$129.9 million from US$622.1 million at the end of April this year. Usable reserves stood at US$113.6 million at the end of April.
As per MMA database, short-term debt stood at US$419 million at the end of May, leaving the usable reserves at US$73 million.
