Opposition leader and Maldivian Democratic Party (MDP) Chairperson Fayyaz Ismail on Wednesday criticised the Maldives Monetary Authority (MMA) for remaining silent despite what he described as an economic collapse and surging prices.
In a post on X, formerly known as Twitter, the former economic minister said the Maldivian economy had deteriorated due to poor management, with basic commodities becoming increasingly unaffordable.
“An apple costs MVR 10, one kilogramme of onion costs above MVR 50, food is in short supply, medicines are not available, the dollar is above MVR 20.20, and small businesses are in debt. Government bills unpaid are now above MVR 13 billion,” Fayyaz wrote.
He accused the central bank, which is constitutionally mandated to manage the nation’s monetary policy, of failing to act or even comment on the worsening situation. “When the economy goes to this situation, the MMA should be concerned about it,” he said.
Fayyaz further alleged that the MDP parliamentary group had requested a meeting with the MMA but received no response. “The governor fled when the people’s elected representatives tried to clarify the situation,” he said, adding that the central bank was “mocking the people” by remaining unresponsive.
The opposition leader also warned that prices would continue to rise, accusing the government of being indifferent to the public’s hardships. “This is not a government that knows the plight of the people and wants to look at it. The prices of basic necessities did not go up; the price of MVR went down. The government’s actions will still make it go down,” he said.
The criticism comes three weeks after official data showed consumer prices in the Maldives rose 4.55 percent year-on-year in May, according to the National Bureau of Statistics. The Consumer Price Index also rose 0.48 percent from April, reflecting persistent inflationary pressures.
Electricity prices posted the largest annual increase at nearly 13 percent, while prices of food items such as fruit, seafood and dairy products also rose.
The MMA has not responded to Fayyaz’s comments at the time of reporting.