Maldives foreign exchange reserves fall 14.9% to $547 million in September

The Maldives' gross official reserves declined to USD 547 million at the end of September 2026, a decrease of 14.9% compared with the previous month, according to statistics released by the Maldives Monetary Authority (MMA).

The central bank's figures show that gross official reserves stood at USD 643.9 million at the end of August, representing a decline of USD 96.9 million during September.

Usable reserves also decreased, falling from USD 200.6 million to USD 169.8 million over the same period, a reduction of USD 30.8 million, or approximately 15.4%.

According to the MMA, the decline in official reserves was primarily attributable to foreign currency sales exceeding foreign currency receipts during September.

The central bank reported that its foreign currency sales increased by 46.9% compared with August.

One of the main factors contributing to the increase was the sale of US dollars to the government to facilitate the repayment of the remaining USD 50 million under a USD 150 million Treasury bill facility obtained from the State Bank of India (SBI) in 2019 for budget support.

The government completed the final repayment of the facility in September, settling the outstanding USD 50 million obligation.

The MMA also increased its foreign currency sales to commercial banks during the month to facilitate access to foreign exchange and ease pressure on the domestic foreign currency market.

The central bank said these measures, together with the repayment of the SBI facility, contributed to the reduction in official reserves during September.