MMA refuses to review decision to print money

Mar 11, 2025, 11:27 AM
Ahmed Zayan Mohamed, Shuhad Ibrahim and Ahmed Imad backed the proposal. -- Artwork: Ismail Imdhad/ Adhadhu

Ahmed Zayan Mohamed, Shuhad Ibrahim and Ahmed Imad backed the proposal. -- Artwork: Ismail Imdhad/ Adhadhu

The central bank, Maldives Monetary Authority (MMA), has refused to review a decision to print a record amount of money in violation of President Dr. Mohamed Muizzu's key policy.

Adhadhu understands that three directors supported the proposal to review the decision by the MMA board.

They are Ahmed Zayan Mohamed, appointed by the Finance Ministry, Shuhad Ibrahim, appointed by the Economic Ministry and Ahmed Imad, Deputy Governor of the MMA.

Zayan and Shuhad have now resigned from the board.

Although the board has not decided on the proposal, Adhadhu understands that Governor Ahmed Munawar is refusing to review the decision.

Multiple sources confirmed to Adhadhu that the Maldives Monetary Authority (MMA) board approved the printing of more than MVR 14 billion.

The MMA will be using MVR 14 billion to purchase 20 hectares of land from the Urban Isle of Hulhumale' Phase 2.

The central bank has now sent an official letter to the Housing Development Corporation (HDC) to purchase the land.

HDC did not confirm whether they had reached a decision regarding the letter.

The purpose of the investment appears to be to find a way to counter the deteriorating financial situation.

When the MMA makes such a large investment and the money is deposited by HDC into a local bank, the number of loans issued by the bank will increase significantly.

Experts said the government's plan is to sell bonds to the bank to borrow more money for expenses.

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