MMA: Usable reserve not exhausted; will increase by end of this month

Maldives Monetary Authority (MMA) has affirmed that the state’s usable dollar reserve has not been exhausted while stressing an increase in the reserves can be expected by the end of this month.

The central bank made the remark in a statement denying a report by a local media outlet that said the state’s usable dollar reserve has been exhausted for the first time in history.

The statement underscored that MMA has been regularly publicizing the data pertaining to the reserve monthly.

The central bank further noted that the usable dollar reserve is expected to increase by the end of this month compared to the numbers in July.

MMA emphasized their grievous concern regarding false reports surrounding such matters.

Economic Minister Mohamed Saeed also denied the report via a post on X in which he described the report as “completely false”.

As per data publicized by MMA in July, the state’s usable reserve stood at USD 509.2 million by the end of June, marking an increase as the amount stood at USD 492.2 million at the end of May.