Maldives: Muizzu Claims Oppositing Trying To Stage 'Financial Coup'

On Sunday, the Bank of Maldives (BML) suspended foreign transactions for existing debit cards, as well as new debit and credit cards linked to MVR accounts. It also lowered the monthly standard and gold credit card limit to USD 100. However, it reversed the decision within hours, saying it was based on instructions from its regulator, the Maldives Monetary Authority (MMA), The Edition news portal reported.

Speaking at a party hub meeting of the ruling People's National Congress (PNC) on Monday night, President Muizzu said that he had worked to find a resolution for the Bank issue alongside his ministers as soon as he had become aware of the situation. He asserted that the bank's decision had been against his advice, the portal reported.

Muizzu said that many had raised questions as to why a government-majority holding bank had made such a decision against government advice. However, most people were unaware that BML's Board of Directors does not have a government majority at this time, he said.

Muizzu, known for his pro-China leanings, was sworn in as the President in November last year.

"As of now, there's only four government directors there. The remaining five directors are not government-aligned. So we don't have a majority yet. We have nominated two directors, but it will take a couple of weeks for them to be appointed through the existing procedures there. Even though the Chairman has not been appointed yet, the name has been sent," he was quoted as saying by the news portal.

"However, from amongst private directors, Champa Mohamed Moosa and Hussain Afeef offered a lot of assistance. It is through their help, and through them talking to directors that represent them, and through the work our cabinet did from morning onwards, that we were able to revoke [BML's decision] by evening," he said.

Muizzu, who also heads the ruling People's National Congress (PNC) party, alleged that this was a calculated coup attempt by a select group of people and added that the Police have now commenced investigations into the matter.

"What happened here, anyone of sound mind will be able to join the dots when you think about it. This, as Shiyam has also said, was doubtless an attempted coup," he said.

Meanwhile, the main opposition Maldivian Democratic Party (MDP) chairperson Fayyaz Ismail said that the events show a coup brewing within President Muizzu’s administration and not one instigated by outside forces, the Sun news portal reported.

Speaking at a press briefing on Tuesday after Muizzu's claims, Fayyaz called his allegations “ridiculous.”

"What we see are fault lines within the administration. That there’s trouble brewing within. And we see a coup coming from within in the days ahead,” he said.

Fayyaz said the comments regarding the BML made by top government officials, including President Muizzu himself, were enough to destroy the entire financial system.

"When the head of state comes out and alleges that the bank he controls conspired with the opposition to stage a coup, this is a huge allegation being made against the Bank of Maldives before the entire global financial community,” he said.

Fayyaz said that it would result in a loss of confidence in the bank among international financial institutions and banks.