Central Bank, Maldives Monetary Authority (MMA) has stated that the country's Usable Dollar Reserve has not run out completely.

Online newspaper "Adhadhu" today published a story stating that the usable dollar reserve of the country had depleted completely for the first time in history.

The MMA denied the news in a press release issued tonight, saying it contained untrue and false information.

"The authority will continue to publish reserve data on a monthly basis. Maldives' usable reserves are expected to increase by August from the level at the end of July," the MMA said.

The purpose of the reserve is to import essential commodities such as oil and medicines.

MMA noted last Tuesday that their usable reserves stood at USD 45 million at the end of July.

MMA revealed this after a letter sent by the authority to the Finance Ministry, expecting the reserves to be depleted by the end of this month had leaked in the media.

The letter was quoted as saying that the usable reserves fell to USD 17.6 million last month.

The MMA said the SDF currently has USD 65 million in usable reserves while the total usable reserves stood at USD 45 million in July this year. The amount in the usable reserve does not include the amount in the SDF.

The MMA added that the country's tourism-related industries are expected to grow further than previously expected in the rest of the year, which will also positively impact the reserve.

The government is also working to secure financing for foreign exchange transactions of the government and government-owned companies from various foreign sources, he said.