Usable Foreign Currency Reserves at USD 156 million: MMA

The usable foreign reserves of the State have depleted down to $156million USD, according to statistics published by the Maldives Monetary Authority (MMA).

According to the MMA's statistics, the State's usable foreign currency reserves held only $156.4 million USD as of the end of February of this year. The gross foreign currency reserves held $855.7 million USD.

The recent statistics show a slight increase from the State's foreign currency reserves held in January; namely, a 3% increase in total reserves, and a 3.8% increase in usable reserves. Total reserves were at $830.7 million USD, and usable reserves were at $149 million USD by the end of January.

The Maldives' current usable reserves is approximately enough to pay for 3 months worth of imports.

As the State's reserve of usable foreign currency has depleted to alarming levels, the government is currently working on plans to pursue policies of forcible de-dollarization.