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MOODY's ratings agency is concerned that measures outlined by government to address the decline in foreign exchange (forex) reserves may not be sufficient to achieve this task.

The firm said this was the reason why it decided to change government's outlook from stable to negative and affirm the Ba2 long-term local and foreign currency issuer and senior unsecured ratings.

In its report, Moody's said, "The change in outlook to negative reflects rising external vulnerability, as liquid forex reserves (defined as gross reserves excluding gold and special drawing rights; forex reserves) have fallen by 24 per cent over the past year to $3.2 billion as of August 2025, below our previous projection for stabilisation at about $4 billion."