The Muizzu government has printed MVR 6.2 billion to date: Ameer

Former Finance Minister Ibrahim Ameer has stated that President Dr. Mohamed Muizzu's administration has printed 6.2 billion Rufiyaa to date.

Speaking at a press conference held by the MDP on Wednesday, Ameer stated that official statistics reveal the government is being granted unrestricted access to funds, in direct violation of the contractionary monetary policy published by the Maldives Monetary Authority (MMA).

Current statistics reveal that the government continues to issue funds at its own discretion, directly contradicting the Maldives Monetary Authority’s (MMA) published contractionary monetary policy. To date, they have printed approximately 6.2 billion Rufiyaa.

Ibrahim Ameer

Highlighting that state ministers fail to grasp the necessary reforms required to address the current challenges facing the Maldives, Ameer stated that the government's most recent press conference failed to provide any sense of confidence to the Maldivian public, businesses, or foreign investors.

Ameer stated that claims suggesting the state held 8 billion rufiyaa in excess funds when the MMA Governor assumed office are false. However, Ameer noted that at the time of the government transition, approximately 5 billion rufiyaa was held in overnight deposits.

Ameer stated that while the years 2020 and 2021 under the MDP administration were marked by unique global economic circumstances, the current situation is a self-inflicted crisis. He attributed the present turmoil to the incompetence of state leadership and their failure to understand or implement the necessary policies.

In his remarks, the Governor emphasized that there was approximately 8 billion rufiyaa in excess liquidity when he assumed office. That is an absolute falsehood. At the time of the government transition, the overnight deposit balance stood at approximately 5 billion rufiyaa.

Ibrahim Ameer

Ameer stated that the government must reduce expenditures and allow the Maldives Monetary Authority (MMA) to independently implement its contractionary monetary policy without further amendments to foreign exchange laws. Furthermore, Ameer urged the government to focus on increasing the MMA's reserves and addressing the ongoing dollar shortage currently facing the country.

The value of the US dollar in the Maldives is observed to be rising on a daily basis. However, rather than implementing an effective solution to this issue, the government has decided to amend the Foreign Exchange Act to criminalize black market dollar trading and impose fines on those engaged in such transactions.