The Gros International Reserve (GIR) of Maldives is decreased to USD 253.6 million.
Information on the state reserve publicized by the central bank, Maldives Monetary Authority (MMA), revealed that the reserve contained USD 912 million by the end of June. Only USD 253.6 million out of the total amount is usable.
Usable reserves was at USD 279 million by the end of May. The amount decreases by USD 25.4 million monthly.
The reserve currently contains enough funds for three months’ worth of imports. While the usable reserve is rapidly declining, the government has been forcing de-dollarization and scheming ways to extract dollars from personal accounts. At the start of the year, the state, by way of the State Trading Organisation (STO), acquired a commercial loan of USD 25 million to purchase food (rations).