The Maldives’ usable reserves this month have fallen to US$66.9 million; a decline of US$6.2 million over the previous US$73.1 million, according to the latest figures released by the Maldives Monetary Authority (MMA).
While Customs data shows that the Maldives requires approximately US$70 million a month to import basic goods—including fuel, medicines and staples—the current reserves balance indicates that this will not be enough to cover a month’s imports.
Short-term debt increased by US$23.2 million to US$442.3 million.
The Maldives previously held enough reserves on hand to cover imports for at least two to three months. However, reserves are being increasingly depleted due to foreign debt and other external payments.
According to data by the Maldives Inland Revenue Authority (MIRA), the state’s US dollar revenue stood at US$560.4 million at the end of June; US$72.4 million more than over the same period last year.