Ahmed Imad stepped down from his position as deputy governor of the Maldives Monetary Authority (MMA) on Monday. His resignation comes as a protest against the central bank’s recent moves, including a controversial plan to print money to tackle the country’s massive debt.
During his 2023 presidential campaign, President Dr. Mohamed Muizzu promised never to print money, criticizing the previous government for doing so during the Covid-19 pandemic. After taking office, he often highlighted this promise as a key success of his first year. But now, reports suggest a major shift. Sources say the government is negotiating to sell a large piece of land in Hulhumale’, managed by the Housing Development Corporation (HDC), to the MMA for MVR 14 billion to 15 billion.
On March 9, President Muizzu met with lawmakers from his ruling People’s National Congress (PNC) at the presidential palace, Muliaage, to discuss this money-printing plan. The idea has sparked worry not only from the opposition but also from economists who fear it could harm the economy.
In his resignation statement, Imad said the MMA’s recent decisions clash with its main goal of keeping prices stable. He pointed out that while some parts of the economy are growing, the government’s rising debt and risky bank loans are creating big problems. These issues, he warned, are threatening the country’s stability.
Imad also criticized the plan to print MVR 15 billion, saying it would flood the banking system with extra cash, making it harder for the MMA to control the exchange rate. “Printing more money will lead to serious consequences,” he said, adding that it could weaken the MMA’s finances and raise the cost of managing the Rufiyaa. He urged the government to cut spending instead of printing money to ensure long-term economic health.
The pushback against the plan isn’t new. Imad was one of several MMA board members who opposed it. But on March 11, the Parliament’s Public Accounts Committee, led by the PNC’s supermajority, voted to start a no-confidence motion against him. Imad, who joined the MMA in 2000 and became deputy governor in 2020, said he could no longer stay in a role where the institution’s core purpose was being ignored.
This isn’t the only resignation tied to the controversy. Ahmed Zayan Mohamed, head of the Finance Ministry’s Fiscal Affairs Department, quit on March 10. Shuhad Ibrahim, a consultant at the Economic Ministry, followed the next day.
President Muizzu has often blamed the Maldives’ economic troubles on the previous Maldivian Democratic Party (MDP) government, especially their decision to print MVR 8 billion during the pandemic. He vowed to fix the economy without repeating that move. Yet, his administration’s apparent U-turn has drawn sharp criticism, though it has stayed silent on the issue so far.
The Maldives faces huge debt repayments this year—around USD 800 million (MVR 12 billion to 13 billion), according to former President Mohamed Nasheed. This includes USD 150 million due by the end of March and USD 25 million in April. Some analysts believe the money-printing plan is a desperate attempt to raise funds. Nasheed warned that printing billions could push the US dollar exchange rate above MVR 24, driving up inflation. He called for the government to focus on cutting the budget deficit instead.
As the debate heats up, Imad’s exit and the growing resignations signal deep unrest over the direction of the Maldives’ economic policies.
