The Maldives’ usable foreign reserves stood at USD 222.5 million at the end of July 2026, while total official reserve assets remained at USD 638 million, according to the latest figures from the Maldives Monetary Authority (MMA).
Central bank data show that the country’s gross foreign assets amounted to approximately USD 756.5 million at the end of the month. After accounting for USD 534.6 million in short-term foreign liabilities falling due within the next 12 months, the remaining usable reserve amounted to USD 222.5 million.
The figures provide a clearer indication of the foreign currency resources available to the central bank after near-term external obligations are taken into account.
Of the USD 638 million in Official Reserve Assets, USD 622.8 million was held in foreign currency assets. This included approximately USD 216 million invested in securities and USD 406.2 million maintained as currency deposits.
Of those deposits, USD 25.2 million was held with foreign central banks, the Bank for International Settlements (BIS) and the International Monetary Fund (IMF). A further USD 381 million was deposited with commercial banks overseas.
In addition to its official reserve assets, the MMA had USD 118.5 million invested with domestic banks, which can be drawn upon when required. Adding these funds to official reserves brought gross foreign assets to USD 756.5 million.
MMA adds gold to reserves
A notable change in the composition of the country’s reserves this year has been the addition of gold.
MMA statistics show that the central bank began holding monetary gold in March 2026, the first time gold has appeared as part of its reserve holdings since the current data series began in 2013.
By the end of July, the value of gold held as reserve assets had reached approximately USD 8.1 million.
The move provides further diversification to the composition of the country’s foreign reserves, which have traditionally been dominated by foreign currency deposits and securities.
The latest figures come after significant fluctuations in reserve levels during the year. Official reserve assets climbed to a record USD 1.3 billion in March 2026, before falling in the following month as the government made major external debt repayments.
Foreign reserves are particularly important for the Maldives because of the country’s heavy dependence on imports and its need for foreign currency to pay for goods, services and external debt obligations.
Higher import costs have continued to place pressure on foreign currency requirements, with geopolitical tensions and conflicts in the Middle East contributing to uncertainty in global energy, commodity and transportation markets.
Despite those pressures and the decline from the March peak, recent financial figures indicate that the pace at which reserves are being depleted has moderated.
Maintaining adequate foreign reserves remains a key consideration for the Maldivian economy, particularly as the government manages external debt repayments while seeking to ensure sufficient foreign currency for essential imports and other international obligations.
