Maldives Monetary Authority (MMA) statistics show usable reserves were at US$ 282 million by end of July.
Statistics issued by MMA show that by end of July total reserves were at US$ 728 million. Usable reserves amounts to US$ 282 million. Reserve depletion has been the norm for the past four months, including July.
At the end of June, usable reserves was at US$ 321 million. Within a month, usable reserves had gone down by US$ 39 million.
At the start of the year, usable reserves was at US$ 321 million. In the seven months that had passed, this figure had shrunk by US$ 39 million. This is equal to MVR 1.3 billion.
JPMorgan, one of the largest investment banks, had commented on this worrying trend. The bank said the country could exhaust the foreign exchange reserves by end of 2023, leading to a sovereign default. This was echoed by the former CEO of Bank of Maldives. He said the country could face the same fate as that of Sri Lanka.
The government, however, had glossed over these comments. Tourism Minister Dr Abdullah Mausoom brushed off the JPMorgan report, saying that it was compiled by a receptionist.