Sunday 29th Jan 2023
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MMA

Central Bank's Governor unaware of the interest rates of Indian loans

The Governor of the Maldives Monetary Authority (MMA) has failed to disclose the interest rates of the loans taken from India by the government.
Leaders of the People's Progressive Party (PPM) and People's National Congress (PNC) met with governor Ali Hashim today to share their concerns about the increase in state debt. Speaking to the press after the meeting, the leader of PNC Abdul Raheem stated that the governor was unable to disclose the interest rates of the Indian loans.
Abdul Raheem said the main concern was that even the governor was not aware of details such as interest rates on loans taken by India. "This is the Maldives Monetary Authority, the Central Bank here. The fact that the head here does not know the details of the financial transactions carried out by these people [the government] is really a matter of concern for the people of the country," he said.
In addition, Abdul Raheem stated that the governor revealed that the government disregarded the concerns shared by MMA regarding with 2023 state budget. Abdul Raheem further said that he did not know what the future loss the country would face due to the government's agreements with India, adding that even the governor of the country's central bank is unsure of what might happen.
Abdul Raheem said that the governor's statement showed that the central bank did not have the necessary space or information to carry out the functions assigned to the central bank by the law independently, and therefore, he felt that the best course of action for the governor would be to step down.