MMA Moves to Print Record MVR 15 Billion Despite Muizzu’s Pledge
The Maldives Monetary Authority (MMA) has approved printing MVR 15 billion, the largest amount in history, to purchase 20 hectares of land from Urban Isle for the second phase of Hulhumalé, despite President Mohamed Muizzu's earlier pledge not to print money. The decision, confirmed by sources within the MMA and the Housing Development Corporation (HDC), is seen as an attempt to stabilize the government's deteriorating finances. Experts warn it could devalue the Maldivian rufiyaa. The move follows an emergency Economic Council meeting and contradicts IMF recommendations for fiscal reforms. The MMA and HDC have not officially commented.
The Maldives Monetary Authority (MMA) has approved printing MVR 15 billion, the largest amount in history, to purchase 20 hectares of land from Urban Isle for the second phase of Hulhumalé, despite President Mohamed Muizzu's earlier pledge not to print money. The decision, confirmed by sources within the MMA and the Housing Development Corporation (HDC), is seen as an attempt to stabilize the government's deteriorating finances. Experts warn it could devalue the Maldivian rufiyaa. The move follows an emergency Economic Council meeting and contradicts IMF recommendations for fiscal reforms. The MMA and HDC have not officially commented.
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The Maldives Monetary Authority (MMA) has approved printing MVR 15 billion, the largest amount in history, to purchase 20 hectares of land from Urban Isle for the second phase of Hulhumalé, despite President Mohamed Muizzu's earlier pledge not to print money. The decision, confirmed by sources within the MMA and the Housing Development Corporation (HDC), is seen as an attempt to stabilize the government's deteriorating finances. Experts warn it could devalue the Maldivian rufiyaa. The move follows an emergency Economic Council meeting and contradicts IMF recommendations for fiscal reforms. The MMA and HDC have not officially commented.
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Focus: MMA Moves to Print Record MVR 15 Billion Despite Muizzu’s Pledge
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