According to the statistics of the Maldives Monetary Authority (MMA), the State reserve has depleted to MVR5.14 billion.
The statistics showed that the reserve on June this year was at MVR5.19 billion, while in July it was at MVR5.14 billion.
The monthly statistics publicized by MMA also showed that the contribution to the reserve of MMA was down by MVR3.8 million from June to July. MMA's reserve in June was MVR412 million while it was down to MVR399 million in July.
MMA detailed that that the reason for its depleted reserve was due to releasing funds to Banks. It added that it was caused by lack of foreign currency coming into the banks.