The Maldives official reserves declined by USD 72 million in September 2024 compared to the preceding month, according to statistical updates from the Maldives Monetary Authority (MMA).
As per data from the central bank, publicized on its website, the Maldives had USD 443.88 million in its official reserves at the end of August this year, which is an increment of USD 48.45 million compared to the end of July 2024.
However, the reserve amount dropped to USD 371.22 million as of September 24, 2024.
Although the usable reserve saw an increment of USD 61 million in August, this too, dropped to USD 49 million in September.
This decline should not be too alarming, as it reflects the recent coupon payment of around USD 25 million settled on Monday by the Maldives government on a USD 500 million sukuk set to mature in 2026.