President Dr. Mohamed Muizzu is violating the banking law by issuing orders to influence the decisions of the Bank of Maldives (BML), former Defence Minister Mariya Ahmed Didi has alleged.
Her allegation came after Economic Minister Mohamed Saeed told a press conference on Sunday evening that the BML's decision to suspend dollar transactions from Rufiyaa accounts was made in contravention of advice from President Muizzu.
At an emergency meeting of the opposition Maldivian Democratic Party (MDP) National Council on Sunday night, Mariya called on President Muizzu to act in accordance with the banking law.
She raised questions about whether the banking law allows the President to issue orders regarding decisions of the national bank.
"We are losing confidence in the financial system. We are reaching the point where we are afraid of keeping our bank accounts in the banks of this country," Mariya said.
"With an order, the whole decision reversed. This is like a miracle. I received three emails from the Bank of Maldives today [Sunday]," she said in criticism of the sudden reversal of the decision by BML.
Earlier on Sunday, the bank said the decision was made "in response to the escalating usage of foreign currency spent on cards and the static sale of foreign currency to the bank."
However, BML later announced that the decision had been reversed based on instructions from the central bank MMA.
"Changes to card limits for foreign transactions announced on 25th August 2024 has been reversed based on instruction from our regulator, the Maldives Monetary Authority," BML said on Sunday evening.
The President's Office also summoned BML CEO and Managing Director Karl Stumke and MMA Governor Ahmed Munawar to an emergency meeting before the reversal of the decision was announced.
