Former Chairperson of the opposition Maldivian Democratic Party (MDP), Fayyaz Ismail, said last night that despite President Mohamed Muizzu’s claims of increased limits, businesses remain unable to process Telegraphic Transfers (TTs) and individuals are facing card transaction failures.
Speaking at the MDP National Council, Fayyaz asserted that while the President claims businesses are being provided up to 50 percent of their TT requirements, they are not even receiving 10 percent. He further noted that even when businesses provide 100 percent of the dollars themselves, it takes three weeks for the funds to reach suppliers.
"Today, President Muizzu claimed without blinking that 50 percent of TT requirements are being met for anyone who needs it. This is an outright lie. Show me a single businessman who has received even 10 percent for a TT. They aren't getting it. Even when they deposit 100 percent of the dollars themselves, it takes three weeks for the TT to process. Where are they keeping this money?" Fayyaz questioned.
Fayyaz further alleged that the government is selectively distributing dollars. He accused the Maldives Monetary Authority (MMA) of releasing USD 1,000 payments based on a list of ID cards under the guise of medical expenses.
Additionally, Fayyaz highlighted the plight of Maldivians abroad, stating that many have faced the embarrassment of being forced to leave shops and hospitals after their debit and credit cards were declined.
"What they are doing is distributing money to their preferred businesses. When the MMA receives a list of ID cards for medical purposes, they release USD 1,000 to them. They talk about being able to pay with debit and credit cards. Where? It’s a blatant lie. The transactions don't go through," Fayyaz said.
"How many shops and hospitals have we had to walk out of in shame because our credit and debit cards were declined and we couldn't pay the bills? He sits there and lies without hesitation while the country is being ruined."
Fayyaz argued that Muizzu’s "flawed policies" have set the Maldives back many years, leading to the collapse of numerous local businesses.
The Maldives is currently grappling with a severe dollar shortage, with black market rates soaring to unprecedented levels. Despite this, the government and the Bank of Maldives (BML) have attempted to downplay the crisis.
While the government maintains that card and TT limits have been increased, businesses are reporting mounting difficulties in processing TTs through BML.
Complaints have also surged regarding the inability to use BML cards for international online transactions. Furthermore, students living abroad, individuals seeking medical treatment overseas, and other private citizens continue to report card transaction failures.
