The Maldives Monetary Authority (MMA) has denied reports claiming that the nation’s usable dollar reserves have been fully depleted for the first time in its history. In a statement issued on Wednesday, the MMA assured that the reserves are expected to increase by the end of August and urged the public not to spread misinformation on such sensitive matters.
The statement came in response to reports earlier on Wednesday, which suggested that the country’s dollar reserves had entered negative territory due to a recent US$25 million oil payment. These reports, attributed to multiple anonymous sources, sparked concerns about the country’s financial stability.
Following the MMA’s denial, the Ministry of Finance also issued a statement on X, formerly known as Twitter, confirming that the central bank had assured them the reports were unfounded. The ministry reiterated the MMA’s call for caution, advising the public and media outlets to refrain from spreading false information that could cause unnecessary panic.
Neither the MMA nor the Ministry of Finance provided further details on the situation.
