Thursday 11th Aug 2022
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Economy

Usable reserves are not publicly disclosed: Pres Solih

President Ibrahim Mohamed Solih says the status of usable reserves is not publicly disclosed information.
He made the statement in the press conference held on Wednesday evening.
President Solih said that the official reserves were being maintained at a steady level. As such, he said that number of usable reserves are not disclosed now. The decision to publish usable reserves would be at the discretion of Central Bank, Maldives Monetary Authority (MMA).
President Solih did admit the last time usable reserve amount was published in 2018 and therefore, figures were available from 2013 to 2018.
He further said usable reserves were at US$ 281.4 million, which was depleted to less than US$ 50 million, as the Government had to pay US$ 250 million as a result of nullifying the agreement made with GMR, to develop the main airport.
The President also said that this year had a record high level of usable reserve. Therefore, he assured that there would be no difficulties in obtaining basic stables and fuel for the next few months.