Nasheed Criticises MMA for Real Estate Purchase

Former President Mohamed Nasheed criticised the Maldives Monetary Authority (MMA) yesterday for purchasing real estate for development projects. 

In a post on X, Nasheed accused MMA of buying real estate under false guises and called it “highly irregular.”

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“The MMA, the country’s central bank, purchasing real estate under the guise of developing a financial centre is not only highly irregular but also a significant departure from the government’s pledges to implement fiscal consolidation measures as recommended by the IMF,” Nasheed said. 

The MMA, the country’s central bank, purchasing real estate under the guise of developing a financial center is not only highly irregular but also a significant departure from the government's pledges to implement fiscal consolidation measures as recommended by the IMF. This…— Mohamed Nasheed (@MohamedNasheed) March 9, 2025

He called this move monetisation, which means changing something into money or expressing something as money. He said this move will impact the country’s economy and raise inflation.

“By increasing the money supply by MVR 14 billion, the US dollar exchange rate is likely to surge well over MVR 24/- consequently fueling inflation,” Nasheed said.

He called on the government to reconsider this move and return to fiscal consolidation to reduce budget deficits. 

He said this in response to rumours that the MMA is considering purchasing land plots in Hulhumale. 

When contacted for a comment, MMA said they would issue a press release to address the matter.