Data released by the Maldives Monetary Authority (MMA) has shown that usable reserves stood at USD 63.2 million at the end of 2024.
This is an increase of USD 15.1 million compared to November. Usable reserves stood at USD 45.8 million in November.
According to the data, official reserves stood at USD 673.2 million in December. However, short-term net drains of USD 758.6 million were included. That is the amount that needs to be spent from the reserves on loans and debt for the next 12 months.
But there is USD 146.3 million that is not included in official reserves. This is the amount invested in banks and other institutions. There is also USD 2.3 million in securities, not included in official reserves.
Changes in usable reserve in 2024
- June: USD 66.9 million
- July: USD 43.6 million
- August: USD 61.2 million
- September: USD 48.8 million
- October: USD 31.5 million
- November: USD 45.8 million
- December: USD 63.2 million
Last year, the country's financial situation deteriorated sharply, with rating agencies Fitch and Moody's downgrading the country's credit rating. This was due to the lack of investments and some policies adopted by the government.
