Former Finance Minister Ahmed Munawwar says print money is dangerous for the Maldives.
The former minster during president Yameen’s administration had wrote on his Facebook said:
“This is monetization or printing of money for first time since it was halted since 2014. As MP Eva said, it is a v dangerous path and need to limit it, and Parliament need to monitor it strictly and most importantly MMA must be given more independence to ensure exchange rate stability is maintained. If not, we may have a similar path as happened in 2009/2010 and exchange rate devaluation more than previously and followed by a debt default and hike in inflation. At the end, always normal private sector person lose. I pray it does not happen, and Govt need to cut more expenditures and prioritize only essentials.”
In reference to the above he hoped the parliament would keep a close eyes on the following. Looking at Mohamed Nasheed administration the dollar rate went up from 12.42 to 15.42. This had made the inflation levels to go a bit higher.
As many have been asking the government not to go ahead with follow as it could Maldives in much bad shape and alot people have applauded former minister for speaking about the following on social media to give a clear idea on how it would effect the country.