Maldives’ Official Reserves Fall 14.9% to US$547.8 Million in September

The Maldives’ official reserve assets fell to US$547.8 million at the end of September, down 14.9% from US$643.8 million a month earlier, according to data published by the Maldives Monetary Authority (MMA) on 14 October.

The figure, from MMA’s reserve data template, was 36.3% lower than the US$859.5 million held at the end of September 2025.

Usable Reserves Near US$170 Million

MMA no longer publishes a separate figure for usable reserves. In a November 2024 statement, it said a proxy could be calculated by adding official reserve assets to its other foreign currency assets, then subtracting predetermined short-term net drains: foreign-currency payments already scheduled to fall due within the following year.

On that basis, usable reserves were about US$169.8 million at the end of September, down 15.4% from US$200.6 million at the end of August.

Where the Fall Came From

Within official reserves, MMA’s deposits with banks abroad fell from US$400.9 million to US$305.5 million during September, and its holdings of securities from US$198.7 million to US$174.2 million. Gold holdings stood at US$8.4 million.

MMA’s statement of financial position shows the foreign-currency deposits of the government and government institutions at the central bank falling from MVR576.5 million to MVR385.5 million over the same month.

Final SBI Repayment

On 17 September, the Finance Ministry said the government had repaid the final US$50 million of US$150 million raised from the State Bank of India through Treasury bills issued in three tranches in 2019 as budget support. The first US$50 million was repaid in January 2024 and the second on 11 May 2026.

India’s Ministry of External Affairs spokesperson said the next day that the final tranche had been settled, and that the bills had been extended six times, each for a year.

The Finance Ministry said the government had arranged for foreign currency to remain available for imports of essential goods, including fuel, food and medical supplies, and described claims that debt repayments could constrain those imports as unfounded. It said talks with international financial institutions and bilateral partners were progressing and were expected to strengthen the reserve position.

The ministry’s English statement put reserves at the end of August at about US$664 million. Its Dhivehi version gives US$644 million, in line with MMA’s published figure of US$643.8 million.

Earlier in 2026

Official reserves peaked this year at US$1.33 billion at the end of March, then fell to US$717.9 million at the end of April.

In April, the Finance Ministry settled the US$500 million sukuk issued in 2021. MMA also repaid a US$400 million swap from the Reserve Bank of India and, on 23 April, drew INR30 billion under the rupee window of the same agreement. MMA said the rupee swap would help it maintain an adequate level of reserves.

Moody’s, which upgraded the Maldives to Caa1 on 8 October, said an Indian rupee swap matures in October. As of 15 October, neither MMA nor the Reserve Bank of India had published a statement on its repayment or extension.