The usable reserves currently stand at USD 151 million, according to the Monetary Authority of Maldives (MMA).

Official reserves and usable reserves increased at the end of August compared to July this year, according to data released by the MMA today. Official reserves stood at MVR 594.1 million at the end of July. Official reserves stood at USD 694.2 million at the end of August.

The usable reserves stood at USD 125 million in July and USD 151 million at the end of August. That’s an increase of USD 26 million.

According to the Maldives Customs Service, Maldives needs an average of USD 66 million per month to import basic goods such as oil, sugarcane and medicines. Therefore, the reserves used are expected to be sufficient for a few months