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Thursday 19 Sep 2024
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LOCAL EDITION
Former President Ibrahim Mohamed Solih. (Sun Photo/Mohamed Shathiu)
Even the government should not do anything to undermine the trust in the Bank of Maldives (BML), says former Maldivian president Ibrahim Mohamed Solih.
He made the remark in a post on X on Wednesday morning.
In his post, Solih noted that the BML is linked to the everyday life of many civilians and business owners.
He said that the national bank is an institution that people must always have full confidence in.
“Even the government should not do anything to undermine the trust in BML. If the trust in BML is lost, it will be a great loss for the entire society. It is the people's bank,” he said.
ބޭންކް އޮފް މޯލްޑިވްސްއަކީ ވަރަށް ގިނަ އާންމުންނާ ވިޔަފާރިވެރިންގެ ދިރިއުޅުމާ ގުޅިފައިވާ ތަނެކެވެ. އަބަދުވެސް އެންމެންގެ ފުރިހަމަ އިތުބާރު އޮންނަންޖެހޭ ތަނެކެވެ. ސަރުކާރުންވިޔަސް ބީއެމްއެލްއަށް އޮތް އިތުބާރު ގެެއްލޭފަދަ އެއްވެސް ކަމެއް ކޮށްގެން ނުވާނެއެވެ. ބީއެމްއެލްއަށް ކުރާ…
— Ibrahim Mohamed Solih (@ibusolih) September 18, 2024
The remarks come with the BML set to hold an Extraordinary General Meeting (EGM) on September 21, at the instructions of the Finance Ministry. The government has nominated three people for the bank’s board. They are:
Habeeb, the cabinet secretary at the President’s Office, is reportedly nominated for the chairperson role. However, the government declined to provide official confirmation.
The EGM was called after the BML drew public backlash and the government’s ire on August 25 after it suspended foreign transactions on MVR cards, citing a severe US dollar crunch. It suspended foreign transactions for existing debit cards, as well as new debit and credit cards linked to MVR accounts. It also lowered the monthly limit for standard and gold credit cards to USD 100.
But the bank reversed the decision within hours, a move it said was based on instructions from the central bank, Maldives Monetary Authority (MMA).
Government officials, including President Dr. Mohamed Muizzu, have accused the opposition of being behind the card limit changes, terming it as an attempt to stage a “financial coup.”
The incident is now a subject of a criminal investigation by the police.
The police opened a criminal investigation on August 26, a day after the BML made the controversial move, citing there’s room to believe the opposition had attempted to topple President Muizzu’s administration by stoking up fears of a financial crisis and inciting people to take to the streets.
The police said it found the timing the bank’s announcement suspicious.
“This decision by a government-controlled bank, which went against the government’s counsel and that left many Maldivian citizens stunned, coincided with a press conference by a political entity regarding the state of the country’s finances,” said the police, referring to a press briefing by the main opposition Maldivian Democratic Party (MDP) which took place around the same time.
It added that hundreds of ‘bot’ accounts on social media were used to attempt to incite people into taking to the streets to cause civil unrest and topple the government.
“There is room to believe it was an illegal attempt to overthrow the legitimate government,” said the police.
However, Solih’s MDP has rejected the allegations as “absurd”, and demanded that the Commissioner of Police Ali Shujau resign from his post in order to restore the credibility of the police.
BML’s CEO Karl Stumke resigned September 8, amid the police probe.
