By the end of June this year, the Maldives’ official reserves stood at $686.8 million, marking an $18 million decline compared to May. This decrease is primarily attributed to a 43% surge in foreign currency sales by the Maldives Monetary Authority (MMA) to meet the high market demand for dollars. Despite the decline in gross reserves, the usable reserves reached $248.9 million, representing a 23% increase compared to the same period last year. Notably, the total reserves have seen an overall reduction of $645 million since March of this year.
