The usable reserves saw a USD 8 million increase last month, recovering slightly from a dip in April following a sukuk repayment, according to statistics released by the Maldives Monetary Authority (MMA).
While usable reserves grew, the MMA’s monthly data shows that gross reserves declined compared to the previous month, falling to USD 704.7 million.
Despite the drop in gross reserves, usable reserves rose due to a decrease in short-term debt obligations last month and the stability of the MMA’s investments in commercial banks.
By the end of last month, short-term foreign currency liabilities stood at USD 548.7 million, while investments totaled USD 96.5 million. Usable reserves were recorded at USD 252.5 million.
Usable reserves had previously climbed to record levels before the sukuk repayment, which had pushed the figure down toward the USD 200 million mark.
Usable Reserves 2026
- January: $301 million
- February: $337 million
- March: $411 million
- April: $244 million
- May: $252.5 million
The main challenge to the reserve position this year has been a decline in dollar revenue, driven by a slowdown in tourist arrivals linked to regional tensions.
Analysis by Adhadhu, based on data from the Maldives Inland Revenue Authority (MIRA), shows that the agency collected USD 721 million by the end of May. While this is USD 48 million higher than the same period last year, the increase is largely attributed to record-breaking revenue collected in March.
Following a downturn in tourism in March, arrival numbers and state revenue have both seen a decline. Dollar revenue over the past two months has been lower compared to the same period last year. Furthermore, monthly dollar revenue fell below USD 100 million in May for the first time this year.
