President Muizzu's administration has printed money and manipulated official reserve figures: Ameer

Former Finance Minister Ibrahim Ameer has accused President Dr. Mohamed Muizzu’s administration of printing money and manipulating official reserve figures.

Speaking at a panel discussion hosted by the main opposition Maldivian Democratic Party (MDP) on Sunday night, Ameer stated that the government is being funded by the Maldives Monetary Authority (MMA). He asserted that despite the administration's repeated claims that it is not printing money, such statements are an absolute falsehood. He further noted that this is clearly evidenced by the MMA's own financial records.

Furthermore, Ameer stated that in addition to printing money, the official reserve figures had been manipulated.

The Maldives Monetary Authority's (MMA) placements in commercial banks have now reached approximately MVR 3.8 billion. These banks are investing these funds into government treasury securities, effectively channeling the money back to the state. By depositing funds into commercial banks—specifically the Bank of Maldives—which are then reinvested into government securities, the state is securing financing. This mechanism of providing liquidity through the MMA is essentially money creation under quantitative easing, which is equivalent to printing money. Therefore, despite the government's claims that they are not printing money, the MMA's own financial data clearly indicates that the government is indeed engaged in the practice of printing money.

Former Finance Minister Ibrahim Ameer

Highlighting the fact that the Maldives Monetary Authority’s (MMA) net reserves fell into the negative last year, Ameer stated that the central bank immediately incorporated funds from the Indian currency swap into the reserves and subsequently altered its reserve calculation methodology. Ameer further noted that net reserves stood at approximately $156 million by the end of May. He added that the national reserves currently include roughly $320 million from the ongoing currency swap arrangement.

Ameer stated that although the government claims usable and gross reserves have increased, these figures are not accurate. He further alleged that the current administration is making significant efforts to mislead the public regarding all financial matters.