Pension Board approves MVR 2.4bn deal criticized as secretive money printing
When RaajjeMV reached out to MMA’s Media Officer and Manager of the Media and Communications Unit, Ahmed Saaif, regarding the transaction, he advised that any inquiries be submitted formally through a Right to Information (RTI) request.
Fictional currency notes featuring President Muizzu's image - the president has repeatedly affirmed that money will not be printed | RaajjeMV | Raajjemv graphics
The Maldives Pension Administration Office has authorized a transaction involving MVR 2.4 billion, a move widely seen as a discreet attempt by President Dr. Mohamed Muizzu’s administration to facilitate money printing.
RaajjeMV understands that the decision came after the appointment of an interim chairperson. According to sources who spoke to RaajjeMV, while applications for the permanent chairperson position were opened on Monday, the identity of the interim chair currently serving remains undisclosed.
Under the plan, the Pension Office intends to secure funds by selling previously acquired bonds to the central bank, Maldives Monetary Authority (MMA), with the proceeds then reinvested into long-term government bonds.
Former Minister of Finance and Pension Board Chairman Ahmed Inaaz resigned on Monday in protest, warning that the transaction would cause irreparable economic damage to the state. He noted that, amid a concerning decline in the nation’s financial stability, extensive discussions had failed to produce a sustainable resolution regarding the proposed MVR 2.4 billion bond issue.
In addition to Inaz, board member Ahmed Saruvash Adam and Chief Financial Officer Hawwa Fajuwa have also resigned over the matter. Saruvash highlighted that, since the Pension Fund does not hold MVR 2.4 billion in liquidity, executing this plan through the central bank would effectively require the printing of new currency.
Despite these warnings, critics accuse the Muizzu administration of misleading the public by denying that the transaction constitutes money printing. Economic experts continue to express concern, cautioning that such measures could produce severe, long-term negative consequences for the country’s fiscal health.
When RaajjeMV reached out to MMA’s Media Officer and Manager of the Media and Communications Unit, Ahmed Saaif, regarding the transaction, he advised that any inquiries be submitted formally through a Right to Information (RTI) request.
