In the Maldives, President Muijju has accused the opposition of attempting a 'financial coup'. He said that legal action will be taken against those who are behind the conspiracy to topple his government. In fact, Bank of Maldives (BML) on Sunday stopped foreign currency transactions for debit and credit cards. The bank has also reduced the limit on gold credit cards to USD 100. This decision has posed a threat to inflation and economic stability in the country. When the Muijju government came to know of this decision, it immediately withdrew it. Now Muijju is calling it a coup attempt. The police started an inquiry into the bank's decision. Muijju said at a party meeting on Monday night that the bank had taken this decision without informing him. Muijju said that anyone with common sense would know why this was done, but as soon as the decision came to light, he started looking for a solution. The President of Maldives said that he will use every power given by the Constitution to prevent the overthrow of the government. Muijju said that the police have started the investigation. The government will have no influence on the investigation. Judgment will be given after investigation. Criminals will be sent to jail. Government does not have majority in the bank BML is a government bank and the government has 62% stake in it. Muijju said that people are asking questions as to how the government bank took such a decision. They do not know that the government does not have a majority in the board of directors of BML. 4 out of 9 directors are Govt. The remaining 5 directors have not been appointed by the government. Meanwhile, Maldivian newspaper Adhadhu has claimed that the government has brought in 6 of the 9 directors of the BML board. He was appointed in May itself. The newspaper also quoted sources as saying that the country's foreign exchange reserves have almost been exhausted. Maldives' foreign exchange reserves stood at $388.41 million as of July 2024. The Maldives Monetary Authority (MMA) has expressed fears that if the situation continues, the country may run out of dollar reserves before August. The opposition party said – there will be a revolt soon According to the Maldivian newspaper The Edition, the president of the main opposition Maldivian Democratic Party (MDP) Faiyaz Ismail called Muijju's claims ridiculous. He said that the problem is within the party. The overthrow of Muijju's government will not come from outside, but from within the party. We will see this happening in the coming days. Ismail said that the President is accusing him of controlling the Central Bank. This is a big question on the credibility of the bank. This will reduce confidence in the bank among international financial institutions. Ismail said that we realize that the people of the country have reached a state of starvation. The government still has a chance to correct its mistakes, but President Muijju's obstinacy and authoritarian attitude are causing the situation to get out of hand. Muijju is losing his mental balance.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
Muijju Alleges Attempted Coup in Maldives: Said- Guilty Will Go to Jail; The government bank had stopped foreign currency transactions
