The Pension Office Chairman, Ahmed Inaz, has resigned as the government tries to print money illegally with the involvement of the office.
Following his decision to resign, Inaz said the government's attempt to print money through a MVR 2.4 billion bond was "a detrimental decision for the economy."
Inaz is the third member to resign from the board of the Pension Office over the government's plan to print money. Earlier, board members Ashraf Rasheed and Ahmed Saruvash Adam had also resigned over the same issue.
Meanwhile, Pension Office Chief Finance Officer Hawwa Fajwa also resigned after refusing to sign a document related to the money printing transaction.
In a post on social media X, Inaz said he tried to resolve the matter through discussion, but could not find a way forward.
“At a time when the state’s financial situation is deteriorating to a worrying level, multiple negotiation did not lead to a sustainable solution over the government’s proposed 2.4 billion bond issue," the former Finance Minister said.
The government is trying to print MVR 2.4 billion. The government wants the Pension Office to facilitate this by investing in government bonds. But this process will increase the money circulating in the economy.
