Maldives' usable reserves hike by 26% to reach $61.22 million
Total reserves increased by $48.4 million to $443.9 million at the end of August.
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Maldives' usable foreign exchange reserves increased by $17.6 million or 26% at the end of August, according to data released by the central bank.
The Maldives Monetary Authority (MMA) on Sunday released the reserve data at the end of August on its business portal. According to the statistics:
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At the end of August, the usable reserves stood at $61.22 million
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Usable reserves stood at $43.65 million in July
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This is an increase of $17.6 million month-on-month
Although the usable reserves have increased month on month, the current reserves are enough to import essential goods for two weeks.
Maldives needs about $70 million a month to import essential commodities, according to customs figures.
At the beginning of this year, the usable reserve had enough money to import goods for a month.
The purpose of the reserve is to import essential commodities such as fuel and medicines. A country's foreign currency reserves are a measure of the country's economic and financial situation.
The main reason for the increase in usable reserves was the increase in total reserves. They include:
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Total reserves increased by $48.4 million to $443.9 million at the end of August
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In July, the figure stood at $395.4 million
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This is a 12% increase
