Usable Reserves Fall As Central Bank Settles 50 Million Dollar SBI Loan

Official gross reserves dropped to $547 million at the end of September following a major Treasury bill repayment to the State Bank of India.

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News Desk

4 minutes ago

Maldives

Standfirst: Official gross reserves dropped to $547 million at the end of September following a major Treasury bill repayment to the State Bank of India.

MALE : The official gross reserves of the Maldives dropped to $547 million at the end of September, marking a 14.9 percent decline compared to August, according to statistics released by the Maldives Monetary Authority (MMA).

The central bank attributed the sharp decrease primarily to a significant surge in foreign currency sales, which rose by 46.9 percent compared to the previous month. The primary driver behind the outflow was the government settling the remaining $50 million balance of a $150 million budget support Treasury bill issued to the State Bank of India (SBI) in 2019.

Additionally, the MMA increased foreign currency allocations to commercial banks during September to alleviate pressures on the local foreign exchange market and facilitate smoother import transactions.

Gross Official Reserves (September): $547 million (down 14.9 percent from August).
Gross Official Reserves (August): $643.9 million.
Usable Reserves (September): $169.8 million (down from $200.6 million in August).
Foreign Currency Sales Growth: Increased by 46.9 percent month-on-month.
Key Debt Settlement: $50 million final payment for the 2019 SBI Treasury bill.