Maldivian Democratic Party (MDP) Chairman Fayyaz Ismail has raised concerns over the silence of Central Bank Governor Ahmed Munawwar as the country faces mounting economic challenges and a surge in the cost of living.
In a post shared on X today, Fayyaz pointed to rising market prices, noting that apples are now selling at MVR 10 each, onions at MVR 50 per kilogram, and essential commodity prices have soared due to the exchange rate reaching MVR 20.20 per US dollar.
Fayyaz further claimed that small businesses are burdened with debt, while the government’s unpaid bills have climbed to MVR 13 billion. He described the economic situation as having "collapsed."
Despite the Maldives Monetary Authority (MMA) being constitutionally mandated to guide monetary policy, Fayyaz criticized the central bank's inaction and lack of communication. He noted that a written request for a meeting by the MDP parliamentary group with the governor went unanswered.
Fayyaz accused the MMA of ignoring elected representatives’ efforts to seek clarity on the crisis, calling it "a mockery of the people." He added that the government has failed to acknowledge the struggles of ordinary citizens, arguing that the issue is not just rising prices, but a weakening Maldivian rufiyaa.
"This is not a government that understands or is willing to address the people's needs," he said.
In a post shared on X today, Fayyaz pointed to rising market prices, noting that apples are now selling at MVR 10 each, onions at MVR 50 per kilogram, and essential commodity prices have soared due to the exchange rate reaching MVR 20.20 per US dollar.
Fayyaz further claimed that small businesses are burdened with debt, while the government’s unpaid bills have climbed to MVR 13 billion. He described the economic situation as having "collapsed."
Despite the Maldives Monetary Authority (MMA) being constitutionally mandated to guide monetary policy, Fayyaz criticized the central bank's inaction and lack of communication. He noted that a written request for a meeting by the MDP parliamentary group with the governor went unanswered.
Fayyaz accused the MMA of ignoring elected representatives’ efforts to seek clarity on the crisis, calling it "a mockery of the people." He added that the government has failed to acknowledge the struggles of ordinary citizens, arguing that the issue is not just rising prices, but a weakening Maldivian rufiyaa.
"This is not a government that understands or is willing to address the people's needs," he said.
