Maldives usable reserves dip below month-long imports
Usable reserves fell to $66.9 million from $73.1 million at the end of June.
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The most worrying number in the latest economic data released by the central bank on Wednesday is the official reserve figures. The reserve figures included in the Maldives Monetary Authority (MMA) report show that at the end of June:
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Usable reserves fell to $66.9 million from $73.1 million
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Usable reserves have declined by $6.2 million
According to customs statistics, Maldives needs more than $70 million a month to import basic goods including oil, medicines and staple foods.
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The amount of reserves currently available is not enough to import basic items for a month
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Short-term debt increased by $23.2 million to $442.3 million
Maldives has previously held enough reserves to import goods for 2-3 months. However, the reserves are being adversely affected by the increase in debt and foreign payments.
According to MIRA data, the dollar revenue stood at $560.4 million at the end of June -- $72.4 million more than the same period last year.
