MP Mohamed Saeed (PNC-Maavah), the vice president of the opposition People’s National Congress, stated that it was wrong to “blackmail the governor of the [Maldives Monetary Authority] to print money”.
Speaking at the Majlis today, MP Saeed expressed his concern about the government’s decision to print money. He repeatedly stated that the government had planned to do this by blackmailing the governor.
MP Saeed said that the MMA has responsibilities as the State’s central bank, and it is the bank’s responsibility to provide counsel as the State’s economic policies fall apart in ruins.
While the government has printed money this year and in 2020, the government is currently working to print money next year as well. The government maintains that the economy would not experience inflation as a result. MP Saeed said that a 900g chicken that used to be available for MVR36 now costs MVR67.
He added that the Rufiyaa with regards to the United States dollar has depreciated by 20%. Therefore, said MP Saeed, Finance Minister Ameer cannot lie about inflation.
“The government acquired the permission to inject MVR6.5 billion into the economy after blackmailing the governor”, said MP Saeed.
He said that he did not accept the Finance Minister’s claims that the economy would not experience inflation due to printing money. He said that the State had a governor for the MMA to speak out in cases such as these.
He also expressed his concern at the inclusion of the sale of stake in public companies. MP Saeed said that it was as of yet unknown which companies that the government had planned to sell, but such sales posed a threat to national security and sovereignty.
When all this happens, the MMA governor should speak out, said MP Saeed. If he was unable to do so, he should step down from his post.
MP Saeed warned that the outcome of the government’s policies would be bitter and that the government was heading towards bankruptcy.