The Chief Executive Officer of the Pension Administration Office, Sujatha Haleem, has tendered her resignation after it finalized the controversial bond deal with the Maldives Monetary Authority of the Maldives, MMA.
Sujatha's resignation came two days after the chairperson of the Administration, Dr. Ahmed Inaz, also resigned from his post after sharing concerns about MMA's deal with the Pension Office.
Last night, the Pension Office confirmed that it will invest in government bonds with the proceeds from the sale of MVR 2.4 billion worth of bonds from the scheme in the secondary market.
The MMA did not say whether the bonds would be bought, but the proceeds from the sale would be invested by the Pension Office in a bond that would yield in local currency and US dollars.
The Pension Office said that the transaction will also create a foreign exchange reserve in the pension fund through an investment without having to buy foreign currency from the market.
