Malaysia’s total foreign reserves fell to $501.279b in August

Malaysia’s total foreign reserves decreased slightly in August from a record high in July. According to preliminary data released by the Monetary Authority of Singapore (MAS), the reserves stood at $501.279 billion in August, down from $506.433 billion in July.

The decline was primarily due to a decrease in special drawing rights (SDRs), the country’s reserve position in the International Monetary Fund (IMF), as well as gold and foreign exchange reserves.

SDRs recorded $8.349 billion at the end of August from $8.469 billion at the end of July.

The country’s IMF reserve position fell to $1.726 billion from $1.833 billion a month earlier. Gold and foreign exchange dropped to $491.203 billion in August compared to $496.130 billion in July.

Despite the decline, Malaysia’s foreign reserves remain at a high level, providing a strong buffer for the country’s economy.

Attribution: The Monetary Authority of Singapore (MAS)