Nasheed Urges Transparency on Financial Crisis

Former Maldivian President Mohamed Nasheed has called on the nation’s political leaders to clarify the country’s financial crisis and provide transparent communication to the public. 

His statement came after the national bank imposed significant restrictions on foreign transactions.

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https://x.com/MohamedNasheed/status/1827625627278532938

In a post on X today, Nasheed stressed the responsibility of political figures to address the public on the current economic situation. He stated, “They need to explain to the people in clear terms how the state of the country’s finances fell to this level, what is expected to happen next, and how they plan to overcome this.”

The remarks followed the Bank of Maldives’ (BML) decision to suspend foreign transactions on existing debit cards and new cards linked to Maldivian Rufiyaa (MVR) accounts. 

Additionally, the monthly limit for foreign transactions on standard and gold credit cards was reduced to USD 100, down from the previous limit of USD 250. For Maldivians living abroad, the allowance, which had been up to USD 750, was also impacted.

BML explained that card usage had tripled compared to the bank’s ability to purchase foreign currency, hampering its capacity to support its business clients with foreign exchange needs. 

CEO and Managing Director Karl Stumke acknowledged the difficulties these changes would create for customers but emphasised that they were necessary to maintain essential economic functions.