The Deputy Governor of the Maldives Monetary Authority (MMA), Ahmed Imad, has been barred from accessing any of the authority’s systems.
Multiple sources within the central bank, who spoke on condition of anonymity, confirmed this to Adhadhu. Imad was denied access to the MMA systems and after he opposed the decision to print money. Three board directors, including Imad, had previously proposed a reviewal of the decision to purchase a land in Hulhumale'.
Adhadhu understands that Imad did not attend the board meeting where it was decided to purchase the land for MVR 14 billion.
Meanwhile, the ruling People's National Congress (PNC) has filed a motion in parliament to remove Imad from the post of deputy governor. Dhidhdhoo MP Abdul Latheef Mohamed moved the motion after accusing Imad of not fulfilling his responsibilities.
While Imad has now been prevented from fulfilling his legal responsibilities, Adhadhu understands that an internal investigation is underway to find those who provide information to journalists.
The MMA board decided to buy 20 hectares of land from Urban Isle in Hulhumale' Phase 2 for more than MVR 14 billion. However, the MMA does not have enough money in its reserve. This means the central bank needs to create or print money to purchase the land.
The central bank has now sent an official letter to the Housing Development Corporation (HDC) to purchase the land.
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.
