Former Finance Minister Ibrahim Ameer has said that statistics from the Maldives Monetary Authority (MMA) reveal the current administration has printed nearly MVR four billion to date.
Speaking at a panel discussion hosted by the opposition Maldivian Democratic Party (MDP), Ameer noted that despite the government's claims that it would not print money, MMA data confirms that nearly MVR four billion has already been issued.
"The government has been emphasizing that they would not print money. However, we can see from the MMA's own statistics that the government has begun printing money through the central bank, with approximately MVR four billion already printed," Ameer said.
Ameer further noted that while the current economic situation necessitates cutting expenditures and utilizing monetary policy to reduce the money supply, the MMA’s monetary policy and the government’s fiscal policy are not aligned with this objective.
He highlighted that treasury securities, which stood at MVR 9.6 billion over the past two and a half years, have now surged to MVR 21 billion rufiyaa—an increase of nearly MVR 11 billion within that period.
Pointing out that the total money supply has risen to MVR 78 billion, Ameer argued that while a policy to contract the money supply is required, the government is pursuing contradictory measures.
Additionally, Ameer said that the failure to implement necessary fiscal reforms, coupled with excessive government waste, is leading to a visible deterioration of the economic situation.
While Ameer has leveled these allegations of money printing, President Mohamed Muizzu has repeatedly asserted across various platforms that the administration would not resort to printing money. Cabinet ministers have also echoed this stance.
The government has also planned to print MVR 2.4 billion through the Pension Office. This issue previously led to the resignations of senior officials and several board members of the Pension Office.
