MMA Denies Reports of Depleted Usable Dollar Reserves, Predicts Growth by Month-End

The Maldives Monetary Authority (MMA) has refuted claims that the state’s usable dollar reserve has been exhausted, reassuring the public that an increase in reserves is anticipated by the end of the month.

https://x.com/MMA_Maldives/status/1826268815870886019

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In a statement, the central bank dismissed a local media report alleging that the nation’s usable dollar reserve had been completely depleted for the first time in history. MMA emphasised that it has been consistently releasing monthly data regarding the state of the reserves and reiterated that these figures are publicly available.

The central bank expressed concern over the spread of false information on such critical matters, stressing that the reserve levels are far from being exhausted. It further noted that a rise in the usable dollar reserve is expected by the end of August, following an upward trend since June.

Economic Minister Mohamed Saeed also addressed the issue, taking to social media platform X to label the report as “completely false.”

According to the MMA’s most recent data, the state’s usable reserve stood at USD 509.2 million at the end of June, reflecting an increase from USD 492.2 million at the end of May.