Police Launch Investigation into Alleged “Financial Coup” Involving BML

MV+ News Desk | August 27, 2024

The Maldives Police Service has launched a “serious investigation” into an alleged coup, following the Bank of Maldives’ (BML) decision to temporarily suspend foreign transactions on existing debit and credit cards. 

The investigation was initiated yesterday amid concerns over the potential impact of the bank’s actions on the nation’s financial stability.

The investigation appears to be targeting the opposition MDP. According to Fisheries Minister Ahmed Shiyam, the MDP attempted a financial coup on Sunday through BML’s decision to suspend foreign transactions, which he described as a “financial coup” during a rally held at the ruling Progressive National Congress (PNC) camp in Malé.

BML’s move on Sunday to temporarily ban foreign transactions from Rufiyaa-based debit cards and newly issued credit cards reportedly violated prior discussions with the government. However, by Sunday evening, BML reversed its decision, allowing the Maldives Monetary Authority (MMA) to step in and assist with raising foreign exchange.

Minister Shiyam Calls for BML CEO’s Resignation

Minister Shiyam claimed that the individuals behind BML’s decision were actively attempting to execute a financial coup, naming former finance minister Ibrahim Ameer and economic minister Fayyaz Ismail as key figures in the plot. He alleged that this action was a coordinated effort by opposition figures to destabilise the country’s financial system.

In light of these developments, Shiyam called for the resignation of BML CEO Karl Stumke, claiming that the bank had acted irresponsibly in a manner that harmed the public. Shiyam said that the board members and officials involved in the decision were among the principal figures responsible for the alleged coup. 

“The people in charge of this decision at the Bank of Maldives were at the forefront of the financial coup. They should not remain on the boards. I believe the CEO of BML should resign,” he stated.

Shiyam’s comments have intensified the political tension surrounding the issue, as accusations continue to fly between the ruling government and the opposition MDP.

BML Imposed Dollar Limits Against Muizzu’s Orders, Says Economic Minister

The controversy has prompted a sharp response from the government. Economic Minister Mohamed Saeed, speaking at a news conference on Sunday evening, stated that President Muizzu had explicitly instructed BML to avoid actions that could negatively impact Maldivian students studying abroad and small businesses reliant on dollars. 

Saeed criticised the bank for acting against the president’s instructions, noting that the bank’s decision was poorly timed and not in the public’s best interest.

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