As the USD exchange rate hits an all-time high of 21.44 and increasing, BML continues illegal market operations, the government prepares to print more than 2.4 billion MVR.
Printing such a large quantity of MVR under the current precarious condition of the economy will only inflate the cost of USD to even more devastating heights. President Muizzu clearly has no care for the opinions of the industry experts as he makes blunder after blunder, causing irreparable harm to our country’s economy.
More than a dozen board members and senior management at MMA and the Pension Office have resigned over these printing plans, and the administration is continuing to force out more technical staff so it can push their devastating decisions through.
Simply put, Muizzu is either the most incompetent president our country has seen, or he knows how badly this will hurt Maldivians, and is choosing to do so anyway. In either case, any bit of trust in our president’s and this government’s competency is completely shattered.
50 failures of Muizzu PNC are embarrassed about:
🔹 India policy: failed
🔹 Buying medicine from Europe/US: failed
🔹 Sea ambulance: failed
🔹Maldivian premium economy: failed
🔹 Promise to introduce international sea ambulance service to Thailand: failed
🔹 UAE/Thailand Aasandha expansion: failed (benefited only a few)
🔹 Thalassemia allowance: failed
🔹 Waiving COVID-era loan interest: failed
🔹 Promise to continue cancer hospital: terminated plan, failed to deliver
🔹 Fushidhiggarufalhu project: failed
🔹 Bunkering project: failed
🔹 Thinadhoo airport project (scam): failed
🔹 Fibre optic cable project: failed
🔹 Addu bridge (to start in 2024): failed
🔹 Thinadhoo–Kaadehdhoo bridge: failed
🔹 Continuing water & sewage projects on islands: failed (many halted)
🔹 Removing Hulhumale’ Highway solar panels & relocating: failed
🔹 council office buildings in 55 islands: failed (contract terminated)
🔹 Direct subsidy reform: failed
🔹 Maintaining USD rate: failed
🔹 Promise not to reverse/relax USD policy: broken (gave huge exemptions & reduced rate)
🔹 Credit rating downgraded
🔹 Controlling inflation: failed
🔹 Clearing SME bills: failed
🔹 Student loan disbursement: failed
🔹 Saudi “fake price” investment: failed
🔹 Qatar “fake prince” investment to make Maldives a cryptocurrency centre: failed
🔹Maintaining relationship with Saudi: failed (disrespected their minister at inauguration, called Turkey President leader of Islamic world, brought a fake prince from Saudi without even telling embassy)
🔹 Stopping GMCE scam (despite police awareness): failed (instead their badly worded statement with CMDA advertised it more)
🔹 Maintaining political appointees at 700: failed
🔹 Handing already awarded lands by Ibu: failed
🔹 Handing already awarded flats by Ibu: failed
🔹 Promise not to interfere in the judiciary: failed massively
🔹 Responding to RTI requests: failed
🔹 Promise not to travel in business class & avoid unnecessary trips: failed (3 trips to UK, 5 to Singapore)
🔹 Solving a single murder case: failed
🔹 Fixing Addu electricity issue: failed
🔹 UK–Maldives free trade agreement: failed (now disappeared from talking points too in meetings)
🔹 Getting Chagos Islands back: failed
🔹 Recovering maritime border (Mauritius case): failed
🔹 Disclosing military agreements (including hydrography): failed
🔹Investigating stolen gas shipment: failed
🔹Investigating HDC corruption including leasing lands to people illegally: failed
🔹Investigating Fenaka corruption including awarding Dhoani contracts to gangs: failed
🔹Securing investments from forums held abroad in Dubai, Singapore and UK (one in Maldives too): failed
🔹Porn ban: failed (everyone can watch it, resorts made exempt too)
🔹Israel ban: failed (dual citizens coming non stop)
Keep adding.
I support VilliMale remaining a green island, with its remaining natural features protected and without excessive high-rise buildings. The VilliMale bridge, which will also connect GulhiFalhu and Thilafushi, will soon be complete. GulhiFalhu can then accommodate high-rise housing.
Munavvar is the architect that drove USD rate from 19 MVR to 20.60 MVR. He’s now enjoying life with his wife, while thousands of families are suffering. Hundreds of couples unable to get married, hundreds getting divorced due to money issues. But why should he care? He’s getting a fat salary every month plus a monthly 50,000 MVR stipend from Dhimyaath. He’s destroyed MMA , he’s destroyed our economy. A failed man.
@MTCCPlc (Rahyithunge Kunfuni) Would you please consider allowing the use of Jetty Number 1 for passengers to get on and off Speed boats whilst the road development work at Boduthakurufaanu Magu is ongoing. At least for for disabled people. Thank you for your kind consideration.
Notwithstanding the blatant illegal efforts by @bankofmaldives to sideline the FX laws and regulations (where is @MMA_Maldives ? ), following a continued inability by President Muizzu’s administration to secure a steady supply of foreign currency, and the worsening access to USD for citizens, BML has officially entered the black market for USD.
Rather than correcting any deficiencies through official channels, or improving the state’s balances, BML has now been pushed into purchasing USD outside of the legally defined rate. Whatever pretenses of “investment” they are claiming, this is undeniably the formalization of a black market rate for USD without the approval of MMA.
This follows increasingly tighter, obscure controls on how much Maldivians can spend in foreign markets, and is clear indication of the severity of the government’s ineptitude. Forcing BML into illegally buying dollars cannot be the solution to our problem of dollar access.
And all of this is because the administration has no fix to offer despite the false promises. The foreign currency of the private sector and SOEs were diverted to "repay" the debt, the government called it a victory, and left us scrambling for dollars. The dollar sukuk the Bank is chasing might not materialise anytime soon, and there are no real plans to overcome this FX crunch. There is no quick fix, and no amount of window-dressing can hide the reality forever. You can only fix the economy with sound long-term policy and good governance.
The MDP’s expectation was to bring a system that separates powers and makes the government accountable. The 2008 Constitution failed to deliver that outcome. An elected President can easily bribe and influence the electorate to secure a super-majority in Parliament. That allows the President to manipulate the judiciary and independent institutions. We must pursue a ‘reset’ again. The MDP will deliver the change that the people deserve.