The Maldives' official reserves has seen a significant decline in July.
According to the central bank, Maldives Monetary Authority (MMA)'s Economic Update for August, the official reserve stood at US$ 509.2 million at the end of June this year. However, this amount declined to US$395.4 million at the end of July, a decline of US$113.9 compared to the previous month.
This month's figure also reflects a substantial decline from July of the previous year, at the end of which the reserves were at $594.1 million.
Meanwhile, MMA has expressed concern about the declining reserves, forecasting that the Maldives would deplete its usable reserves this month. In a letter to the Finance Ministry, the authority said the usable reserves were at $21.9 million as of July 24 and are expected to fall to $17.6 million. However, the MMA later said reserves would improve from this month.
