The Sovereign Development Fund (SDF) balance dropped on the day the Maldives Monetary Authority (MMA) released data showing an increase in the state's usable reserves at the end of August, Adhadhu has learnt.
The state's usable dollar reserve ran out on August 21 just days after the MMA sent a warning letter to the Finance Ministry. But the government denied the reports and said the usable dollar reserves were expected to increase by the end of August
MMA released its figures for August on September 3.
After the report was released, Adhadhu submitted Right to Information (RTI) requests to check the SDF balance on August 15, August 31 and September 3. It showed that the SDF balance dropped on the same day that MMA reserves increased.
SDF account balance
August 15: USD 55.96 million
August 31: USD 49.70 million
September 3: USD 61.38 million
According to the figures, the amount of money in the SDF decreased by USD 6 million on August 31 compared to August 15.
MMA said the gross international reserves stood at USD 443 million at the end of last month. This is an increase of USD 28 million over the previous month. The amount in the usable reserves is USD 18 million higher.
MMA earlier said it is preparing to issue a refinance green bond and arrange a USD 400 million foreign currency swap with the Reserve Bank of India under the SAARC framework to improve the official dollar reserves.
