The Maldives' official reserves stood at USD 686.8 million at the end of June, while usable reserves reached USD 248.9 million, according to the latest figures released by the Maldives Monetary Authority (MMA).

Central bank statistics show official reserves were USD 145.6 million, or 17.5 per cent, lower than in June last year. Usable reserves, however, increased by around 23 per cent year-on-year from USD 203 million to USD 248.9 million, despite declining by USD 11.9 million compared with May.

The MMA attributed the fall in gross official reserves during June to higher foreign currency expenditure. It said stronger demand for foreign currency from commercial banks and importers led to a 43 per cent increase in US dollars supplied to the market under its foreign exchange intervention policy compared with the previous month.

Official reserves exceeded USD 1.3 billion in March before declining over the following months, with the sharpest monthly drop recorded in April.