Maldives Records Sharpest Decline in Reserves Over Past 12 Months

The Maldives experienced its sharpest decline in foreign reserves over the past 12 months, according to data from the Maldives Monetary Authority (MMA). Reserves fell 21% from US$622.1 million in May to US$492.2 million in July. Usable reserves are barely enough to cover one month of basic imports. Year-on-year, May reserves were down 34% from US$748 million. Short-term debt at end-May was US$419 million, leaving usable reserves of only US$73 million. The country requires over US$70 million monthly for basic commodities like fuel, food, and medicine. The decline highlights worsening financial conditions despite government spending cuts.

The Maldives experienced its sharpest decline in foreign reserves over the past 12 months, according to data from the Maldives Monetary Authority (MMA). Reserves fell 21% from US$622.1 million in May to US$492.2 million in July. Usable reserves are barely enough to cover one month of basic imports. Year-on-year, May reserves were down 34% from US$748 million. Short-term debt at end-May was US$419 million, leaving usable reserves of only US$73 million. The country requires over US$70 million monthly for basic commodities like fuel, food, and medicine. The decline highlights worsening financial conditions despite government spending cuts.

The Maldives experienced its sharpest decline in foreign reserves over the past 12 months, according to data from the Maldives Monetary Authority (MMA). Reserves fell 21% from US$622.1 million in May to US$492.2 million in July. Usable reserves are barely enough to cover one month of basic imports. Year-on-year, May reserves were down 34% from US$748 million. Short-term debt at end-May was US$419 million, leaving usable reserves of only US$73 million. The country requires over US$70 million monthly for basic commodities like fuel, food, and medicine. The decline highlights worsening financial conditions despite government spending cuts.

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