The Maldives Monetary Authority (MMA) statistics have shown that the state's usable reserves stood at USD 61 million at the end of the month after declining to a record low in August.

According to the MMA's statistics portal, 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 usable reserves is USD 18 million higher.

While the reserve has strengthened, credible sources told Adhadhu that the reserve had been exhausted at some point in August.

But the government denied the reports and the central bank said the reserves were expected to increase by the end of August.

The amount currently in the usable reserves is just enough for the essential imports of one month.

The MMA said it would arrange a USD 400 million currency swap facility with the Reserve Bank of India and sell a green bond to improve reserves.

These facilities are expected to improve the reserve. The Finance Ministry said cost-cutting measures would be implemented at the end of the year as a step to further strengthen the reserve.