Central Bank's Usable Foreign Currency Reserves at USD 17 mln

Reserve data published by the Maldives Monetary Authority shows that the usable foreign currency reserves of the state is at USD 177.8 million by the end of March 2021.

By the end of February 2021, the usable foreign currency reserves held USD 156.4 million. The usable reserves increased by USD 20.6 million by the end of March. The gross international reserves by the end of March were USD 844.7 million.

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.