Thursday 20th Jun 2024
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Gross international reserves

Maldives in Financial Straits: Only $67 Million Available in Reserves

The Maldives government has revealed that there is not much money left in the country's reserves. According to the central bank, there was $827 million in reserves at the end of December, but $200 million of this had to be paid back to India. This left $627 million, but only $67 million of this can be used. This is not enough money to pay for even one month of the Maldives' imports.
Because of the low reserves, the Maldives Monetary Authority has also decreased the amount of dollars it gives to banks. Local banks are also having a hard time selling dollars to the public. The Bank of Maldives has also stopped giving dollars to students who are studying abroad and have not reached the A level yet.
Even though the reserves are low, the Maldives government has said that the country's economy is doing well. The Minister of Finance recently said that the Maldives' economy is back to where it was before the COVID-19 pandemic.