Maldives Usable Reserves Drops to $232 Million

Wednesday 27th of May 2020

Maldives Usable Reserves Drops to $232 Million

Ministry of Finance reports that the Maldives’ Gross International Reserve (GIR) has increased while usable reserve of the country decreased. According to the Ministry, the total reserve increased to USD828 million and usable reserve decreased to USD232 million.

On March 2020, statistics by Maldives Monetary Authority revealed that reserves were USD741.4 million while usable reserves were USD269.5 million. During the same period in 2019, reserves were observed at USD776.2 million and usable reserves at USD251.8 million.

During the press conference on 23rd May, Ministry of Finance stated that the country will not face a dollar shortage despite its economy being battered from the coronavirus pandemic, citing $290 million in financing secured from international lenders.

The Maldives further expects to receive $27.60 million from Asian Development Bank, $5 million from Asian Infrastructure Investment Bank, $25.59 million from Islamic Development Bank, $1.50 million from SAARC Development Fund and $20 million from European Investment Bank.