Pension Board Approves MVR 2 Billion Money Printing Deal

The Maldives Pension Board has approved moving forward with a transaction involving the printing of MVR 2.4 billion, sources have confirmed to Viraasee.

According to the information, after the Pension Board purchased MVR 2.4 billion worth of bonds issued by the Maldives Monetary Authority (MMA), the funds will now be reinvested into a new bond issued by the Ministry of Finance. The board granted approval for this arrangement yesterday, reliable sources said.

However, the Pension Office has not officially disclosed or commented on the matter so far.

The government had earlier proposed issuing MVR 2.4 billion in bonds. To facilitate this transaction, the Pension Board decided to proceed with the money-printing arrangement. Amid these developments, Pension Office Chairman Ahmed Inaz has tendered his resignation.

Inaz stated that raising funds through the MMA in the current economic situation would be a major mistake and harmful to the economy, which is why he chose to resign.