President Mohamed Muizzu has said that while foreign currency reserves are currently low, the government’s measures will lead to a substantial improvement within the next six months.
Speaking on state media, he stated that the coming period will see continuous monthly progress in reserves. The latest figures from the Maldives Monetary Authority show total reserves at $643.8 million at the end of last month, with usable reserves at $200 million — the lowest level so far this year.
The government and MMA attribute the decline mainly to external debt repayments and higher global fuel prices, which have increased dollar outflows. Finance Minister Hassan Zareer noted that the state spent $660 million on debt servicing and $683 million on fuel imports by the end of the previous month.
Reserves are projected to grow in the final quarter of the year, supported by a 40 per cent increase in foreign exchange conversions. Muizzu said the results of current efforts should produce a much stronger position by the middle of next year.
The statement comes amid broader economic pressures linked to tourism performance and global market conditions. Usable reserves remain a key indicator for the country’s ability to meet import and debt obligations.
