MMA Seeks Consultant for New Office Building in Hulhumalé

The Maldives Monetary Authority (MMA) has announced its search for a technical consultant to oversee the design and construction of a new office building in Hulhumalé Phase II.

According to the announcement, the central bank is in the process of constructing the new facility and requires an experienced consultant with the necessary expertise to provide consultancy services for the project’s design and construction phases.

advertisement

advertisement

advertisement

Interested parties have been invited to register for bidding by submitting an Expression of Interest (EOI) via email to the MMA’s procurement department before 11:00 am on 10 April. Those registered who require further clarification on the bidding documents must submit their queries via email before 11:00 am on 17 April. All bid proposals are to be submitted to the MMA headquarters before 11:00 am on 30 April.

The announcement comes amid speculation that the government is working on securing approximately MVR 15 billion by selling a large plot of land in Hulhumalé to the MMA.

During his 2023 presidential campaign, President Dr Mohamed Muizzu pledged that he would not resort to printing money, a practice his predecessor had relied on during the Covid-19 pandemic. Since assuming office, he has repeatedly reaffirmed this commitment and has listed the avoidance of money printing as one of his administration’s key achievements in its first year.

Monetary financing, commonly referred to as money printing, involves a government borrowing from the central bank to fund public expenditure instead of raising funds through bond sales or taxation. The reported plan to print MVR 15 billion has raised concerns not only from the opposition but also from economists.

Speculation regarding the matter has been circulating on social media for weeks, but the administration has yet to make an official statement. The MMA has also refrained from commenting.

Several resignations have taken place within the MMA’s board since reports of the money-printing plan emerged. Among those who have stepped down is Deputy Governor Ahmed Imad, who resigned on Monday after warning of serious macroeconomic consequences if additional money were to be printed under the current economic conditions.