Ahmed Zayan Mohamed, the Ministry of Finance’s representative on the Maldives Monetary Authority (MMA) board, has tendered his resignation, with his notice period set to conclude by 15 May.
Zayan, who heads the Fiscal Affairs Department at the Finance Ministry, has not publicly disclosed the reason for his resignation. However, his departure follows ongoing speculation about the government’s reported plan to raise MVR 15 billion through a transaction involving the MMA.
Reports indicate that the administration is negotiating the sale of a large plot of land in Hulhumale’ to the MMA, valued between MVR 14 billion and MVR 15 billion. While the government has yet to comment on the deal, concerns have emerged about its potential economic consequences.
President Dr. Mohamed Muizzu has previously stressed his administration’s commitment to avoiding money printing, describing this as a key achievement since taking office. Nevertheless, economic analysts have expressed concern that the reported transaction could have a similar effect by increasing the money supply.
Critics argue that raising funds this way could weaken the local currency and increase inflation. Former President Mohamed Nasheed recently highlighted the country’s significant debt obligations, warning that expanding the money supply could push the US dollar exchange rate above MVR 24.
The MDP has accused the current administration of jeopardising economic stability, likening the reported plan to the previous administration’s decision to print MVR 8 billion during the Covid-19 pandemic. That move was heavily criticised by the now-ruling PNC at the time.
Zayan’s resignation, which coincides with the controversy, leaves questions about whether his departure is linked to the ongoing developments. The Finance Ministry has not commented on his decision.
