Pres Dr. Muizzu calls BML’s USD payment suspension a “coup” against the gov’t
President Dr. Mohamed Muizzu has characterized the Bank of Maldives’ (BML) recent decision to suspend USD payments from MVR accounts, a move later revoked, as an attempted “coup” against the government.
On Sunday, BML abruptly announced the suspension of US dollar transactions in MVR accounts and a reduction of monthly overseas credit card transactions to US$ 100. Following public backlash and government pressure, BML reversed the decision, returning to its previous policies later that same afternoon.
Speaking at a rally at the PNC headquarters on Monday, President Dr. Muizzu revealed he and several cabinet ministers had directly urged BML officials to reconsider the move when the government became aware of the bank’s intention to suspend USD transactions. However, the BML board of directors went ahead with the decision despite the government’s resistance to the idea, a move that can be classed as a ‘coup’ against the government, he said.
“This is nothing but an attempted coup,” he said.
The president said he believed BML’s decision was premeditated. Therefore, he said the government will thoroughly investigate the circumstances surrounding BML’s decision.
Although the government holds a majority stake in BML, it has yet to appoint all its representatives to the bank’s board of directors, currently lacking a government majority on the board. According to the president, the necessary appointments are expected to be completed in the coming weeks.
Current members of BML’s Board of Directors include Karl Stumke (CEO and MD), Aishat Sajni, Ali Faris Mohamed, Maryam Suzy Adam, Adhil Musa, Abdullah Naseem, Moosa Rasheed, and Najeem Ibrahim Zakariyya.
The President said BML’s actions could be seen as an attempt to incite a change in legitimate government, similar to recent events in neighboring countries. While the police are treating this matter as an illegal attempt to overthrow a legitimate government, the government would not interfere or exert any influence with the investigation, he assured. the police would investigate the case and take action against those involved without hesitation, he added.
The president reaffirmed the government’s commitment to maintaining judicial independence. He noted that the judiciary has been free from influence since he took office in November 2023.
