The Maldives police have launched an investigation into a possible attempted coup following a controversial decision by Bank of Maldives Limited (BML), the country’s largest commercial bank, to restrict international transfers and payments on customer cards linked to local currency accounts. This news was reported by Barron’s, citing a statement from the police press service.
On August 25, BML imposed a ban on online transactions from debit cards and limited online credit card payments to $100 per month.
The bank justified this by pointing to “growing foreign currency spending on cards.” However, the restrictions were later lifted by order of the Maldives Monetary Authority.
The decision led to unrest across the country, and Maldivian President Mohamed Muizzu accused the bank of attempting to overthrow the government. “There is reason to believe that the restriction of payments was an illegal attempt to overthrow the legitimate government,” said President Muizzu.
He further claimed that the bank’s management was trying to make government policies unpopular and provoke protests.
Police also revealed that after the payment restrictions were imposed, hundreds of fake social media accounts began urging Maldivians to riot and overthrow the government.
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Notably, the BML announced the payment restrictions just as a group of politicians were holding a press conference on the Maldives’ financial situation.
This comes amid ongoing economic concerns, as in June, the international rating agency Fitch downgraded the Maldives’ credit rating and warned of a potential sovereign default.
