Yameen calls MMA’s dollar injection ‘scratching an itch’, urges Governor Munawar to step back

Former President Abdulla Yameen Abdul Gayoom has urged Maldives Monetary Authority (MMA) Governor Ahmed Munawar to “stay away” from dollar‑related decisions, arguing that the central bank’s 25 percent increase in dollar issuance to banks during the tourism off‑season is nothing more than “scratching at an itch” in the face of a deepening currency crisis.

Speaking at a PNF Town Hall meeting on Thursday evening, Yameen said the Maldives is “poorer than ever,” and that if President Dr. Mohamed Muizzu had a coherent economic policy, the Maldivian currency would not have weakened to this extent. Without corrective action, he warned, the dollar would climb to MVR 21.

Yameen’s comments come as foreign‑currency inflows continue to decline and the black‑market dollar rate has remained above MVR 20 for several days.

He said the MMA’s decision to increase dollar supply to banks was a direct response to the worsening shortage, but one that does not address the underlying problem.

According to Yameen, such measures only work if the MMA itself has dollars to inject. “A bank can print rufiyaa, but it cannot print dollars,” he said.

“This is temporary. It’s like reaching over and scratching an itch when it flares up. If you can’t fix this sustainably, my advice to Munawar is simple: don’t get involved,” Yameen said.

He added that the MMA’s responsibility is to maintain the value of the rufiyaa and the dollar, not to interfere in government policy or political affairs.

If the central bank crosses that line, Yameen said, “it becomes a political circus, and that must never happen.”

His remarks come amid a steady rise in the dollar rate and tightening foreign‑exchange conditions.

Meanwhile, Bank of Maldives (BML) has imposed limits on e‑commerce and online foreign transactions using rufiyaa cards since last month due to heightened dollar demand. The bank has announced that these limits will be eased before the end of this month.