The Maldives’ gross international reserves stood at USD 547 million at the end of September 2026, recording a moderate decline compared to August levels amidst elevated sovereign debt service payments and state-funded import expenditures.
According to the latest monthly economic review published by the Maldives Monetary Authority on Wednesday, official reserve assets contracted as foreign currency outflows to cover sovereign interest coupons and essential commodity subsidies outpaced monthly inflows from tourism taxation.
Composition of official reserve assets
The central bank reported that total gross reserves fell from USD 568 million recorded in August to USD 547 million by late September. Usable reserves—which exclude short-term liabilities and statutory commercial bank foreign currency reserves—remained under tight liquidity pressure, reflecting heavy reliance on foreign reserves to finance state-backed fuel, food, and staple imports:
"Official gross reserves closed at USD 547 million at the end of September. While tourism receipts have supported baseline inflows, seasonal debt service obligations and high global fuel prices continue to draw on available liquid assets," the central bank noted in its monthly financial review.
The MMA highlighted that foreign currency sales to commercial banks for essential imports and overseas medical medical travel allowances absorbed substantial liquidity during the third quarter.
Foreign exchange stabilization measures
To protect usable reserves, the government and the MMA have implemented a series of targeted foreign exchange conservation policies, including tightening eligibility criteria for commercial banks' private medical dollar sales and capping outward remittance allowances.
Financial authorities expect reserves to stabilize in the fourth quarter, bolstered by the anticipated seasonal uptick in peak winter tourism arrivals, the activation of the newly rolled-over USD 320 million currency swap facility with the Reserve Bank of India, and prospective project disbursements from multilateral development partners including the World Bank and the Islamic Development Bank.