The Maldives Monetary Authority (MMA) figures have shown that the state’s official dollar reserve fell to the lowest level in a decade as USD 113 million was taken from the reserve last month.
According to the latest figures, gross international reserve stood at USD 395 million at the end of July. The amount stood at USD 509 million at the end of June.
Compared to previous records available on the MMA's statistics website, the total reserve had not declined to this level since February 2014.
With the huge change in total reserves, the amount of money in usable reserves has decreased significantly.
The usable reserves stood at USD 43 million as of last month. This is less than the amount needed for a month's essential imports.
Despite the depletion of the usable reserve, the government has yet to comment on the issue. Meanwhile, the government continues to withhold information.
The Finance Ministry recently asked the Parliament's Public Accounts Committee to have a closed meeting to discuss the government's medium-term fiscal and debt policy. The committee has decided to grant the opportunity.
