Usable reserves at the end of April have reduced to US$ 386 million.
At the end of March, reserves were at US$ 405 million. Therefore, in a month the reserve had decreased by one million US dollars.
Total reserves at the end of April were at US$ 829 million. At the end of March, total reserves were at US$ 865 million. Total reserves also took a hit in the month – reducing by US$ 36 million.
Reserves dropped significantly due to the pandemic. To address the issue, the Government of Maldives entered into a currency swap agreement with India.
While the reserves has improved a bit. However, ordinary citizens still face issues obtaining dollars – black market rates for dollars hover around MVR 17 -18 to a dollar.
President Ibrahim Mohamed Solih had claimed that he would address the issue. However, he is yet to announce a strategy that would address economic issues.