The latest statistics released by the Maldives Monetary Authority (MMA) reveal that usable reserves at the end of last month have fallen below the levels recorded in April, following the $525 million settlement of a sovereign sukuk.
According to the MMA’s most recent reserve data published today, the gross international reserves stood at $643.8 million at the end of last month. This represents an increase of $5 million compared to the previous month.
However, despite the rise in gross reserves, usable reserves—the portion of funds available for immediate domestic use—declined from $221.8 million to $200.6 million. This marks a decrease of $21 million, or approximately 10 percent.
The decline in usable reserves, even as gross reserves grew, is attributed to a $29.3 million increase in short-term foreign currency liabilities due within the next year. This figure rose by five percent over the past month.
Usable Reserves 2026
- January - $301 million
- February - $337 million
- March - $409 million
- April - $244 million
- May - $260 million
- June - $248 million
- July - $221 million
- August - $200 million
Analyzing this year's reserve trends, both gross and usable reserves reached record highs leading up to the sukuk repayment. However, following the settlement, gross reserves have stabilized around the $600 million mark, while usable reserves have dropped to the $200 million range.
At their peak in March, gross reserves stood at $1.3 billion, with usable reserves reaching $409 million.
Despite the depletion of reserves over the past two quarters, officials anticipate a recovery in the final quarter of the year (October to December). This optimistic outlook is supported by a 40 percent increase in foreign currency exchange through the banking system.
