The political climate in the Maldives has taken a dramatic turn as President Dr Mohammed Muizzu ordered an investigation into the Bank of Maldives’ (BML) recent actions involving foreign currency transactions. The President described these actions as an attempted “coup” against his government, a claim that has sparked widespread controversy and speculation.
Earlier this week, BML made a surprise decision to suspend US dollar payments from Maldivian rufiyaa (MVR) accounts, which created a stir among the public and within financial circles. The bank also limited monthly credit card spending to a mere $100 for online transactions and halted debit card transactions entirely. This sudden move was seen by many as a drastic step that could severely disrupt the daily lives of Maldivians, particularly those who rely on international transactions for business or personal use.
However, the decision was quickly revoked, raising questions about the motivations behind the initial suspension. In response, President Muizzu claimed that the bank’s actions were part of a broader conspiracy to destabilize his government. He has ordered a thorough investigation to uncover the reasons behind the abrupt policy change, suggesting it was a deliberate attempt to undermine his administration and incite economic panic.
President Muizzu’s assertion that the BML’s decision was part of a coup plot has raised eyebrows both domestically and internationally. He argued that the actions of the bank were not merely financial decisions but were politically motivated to create unrest and diminish confidence in his leadership.
According to Muizzu, the decision to restrict dollar payments and limit online spending was aimed at crippling the economy, thereby fostering dissatisfaction among the populace. The President’s stance has been met with skepticism from various quarters, with critics questioning whether this is a deflection from deeper issues within the government and its management of the economy.
The Maldives police have reported that, while there have been no physical demonstrations on the streets, there has been a significant outpouring of criticism on social media platforms. The situation has been further complicated by the alleged use of “bot” accounts on social media to amplify dissent and calls for public unrest. These automated accounts have been accused of spreading misinformation, urging citizens to rise against the government, and creating a narrative of instability.
However, informed sources in Maldives have told GoaChronicle.com that the alleged coup is a smokescreen to divert attention from a potentially explosive financial scandal. The crux of the matter revolves around a large influx of US dollars into the BML, reportedly linked to Muizzu himself.
Reports indicate that a substantial sum, upward of $100 million, was recently deposited into the BML through a complex financial route. This money is allegedly tied to Muizzu and other close confidants and was funneled through channels in the United Arab Emirates (UAE). The transaction was reportedly facilitated by an individual who is known to be in the business of travel and hospitality. Interestingly, his name bears a striking resemblance to the founding father of Pakistan, a Maldivian with strong connections in UAE, India, and China.
This influx of funds has raised alarm bells within the BML. Officials are questioning the legitimacy of such a large amount of money suddenly entering the country’s financial system, especially given the island nation’s ongoing economic struggles. Maldives’ debt levels have been rising, and there is concern over how this money could affect the country’s economic stability.
The allegations have become more scandalous due to the financial dealings of President Muizzu and his inner circle. Despite the Maldives’ growing debt crisis, Muizzu’s personal wealth appears to be increasing significantly. His core team, including a prominent businessman and hotelier who is also a Maldivian Member of Parliament (MP), has seen a meteoric rise in their fortunes. These developments have led to speculation that the $100 million might have been intended to secure a brute majority for Muizzu in the recent elections, ensuring his grip on power. The sudden scrutiny by the Bank of Maldives into this financial windfall seems to have caught the administration off guard, prompting the narrative of a coup plot as a potential distraction.
The unfolding drama presents several critical questions. If the funds are indeed linked to Muizzu, what are their origins, and what was their intended use? Why has there been such a sharp increase in the wealth of those close to the president amid a national economic downturn? Furthermore, if there is no actual coup plot, why is Muizzu pushing this narrative so strongly?
