All available USD reserves were used to settle T-bills after failing to secure a rollover: Nasheed
18 ސެޕްޓެމްބަރު 2026 | ހުކުރު 07:19Former President Mohamed Nasheed has criticized the government's economic policies, stating that the decision to utilize the Maldives' entire dollar reserve to settle a $50 million T-bill payment to the State Bank of India has depleted the banking system's foreign currency supply and caused significant distress for local businesses. Nasheed argued that opting for such a repayment instead of debt restructuring has inflicted substantial damage on the national economy.
MDP Chairperson and former President Mohamed Nasheed. | Social Media
MDP Chairperson and former President Mohamed Nasheed stated that the government was forced to settle the T-bill after failing to roll it over, utilizing all available dollar reserves to make the payment.
In a post on "X," former President Nasheed stated that the Bank of Maldives (BML) has currently run out of dollars. He further noted that public transfers and Telegraphic Transfers (TTs) have also come to a standstill.
President Nasheed stated that utilizing all available dollar reserves to settle T-bill payments would result in the total depletion of foreign currency circulating within the Maldivian economy. He emphasized that this is a serious matter rather than an occasion for celebration or scoring political points.
President Nasheed stated that although President Muizzu assumed office promising to restructure the previous administration's debt and provide relief to the Maldivian people, the burden on citizens continues to intensify.
The Ministry of Finance announced on Thursday that the government has settled the remaining $50 million of a $150 million loan facility obtained through the State Bank of India (SBI) in several installments during 2019.
