Maldives’ Usable Reserves Increase Despite Higher Foreign Currency Spending 

According to the latest statistics released by the Maldives Monetary Authority (MMA), the nation’s official reserves have experienced a decline. At the end of June, official reserves stood at $686.8 million, marking a decrease of $145.6 million or approximately 17.5 percent compared to June of the previous year.

Despite the overall decline in gross official reserves, the country’s usable reserves have shown year-on-year growth. At the end of June, usable reserves were recorded at $248.9 million. While this reflects a decrease of $11.9 million compared to May, it represents a significant growth of nearly 23 percent compared to the $203.0 million recorded at the end of June 2025.

The MMA highlighted that the primary reason for the decline in gross reserves is the increase in foreign currency expenditures. Specifically, due to heightened demand for foreign currency from the banking system and importers, the amount of dollars injected into the market under the central bank's foreign exchange intervention policy rose by 43 percent compared to the previous month.

Statistical data shows that after reaching a peak of $1,331.8 million in March 2026, the reserves have since seen a total reduction of $645.0 million.