According to statistics released by the Maldives Monetary Authority (MMA), the country’s official reserves fell to $638.03 million by the end of July, while usable reserves decreased to $221.8 million. The primary reason for the significant decline in reserves this year was the settlement of substantial external debts and the repayment of a currency swap facility in April. Furthermore, during July, the demand for foreign currency issued for medical expenses, travel, and commercial imports exceeded the total foreign exchange inflows received by the MMA.
