2 new members appointed to Maldives central bank board
They replace Shuhad Ibrahim and Ahmed Zayan Mohammed, who resigned in March after the board’s decision to purchase land in Hulhumalé.
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The government has appointed two new members to the Board of Directors of the Maldives Monetary Authority (MMA), following the resignation of two former members earlier this year.
According to the MMA’s website, the newly appointed members are Mohamed Ahmed, State Minister at the Ministry of Economic Development and Trade, and Ahmed Mazin, State Minister at the Ministry of Finance.
They replace Shuhad Ibrahim and Ahmed Zayan Mohammed, who resigned in March after the board’s decision to purchase land in Hulhumalé for MVR 14 billion to develop a financial centre.
The MMA has not officially commented on the exact date of the new appointments, despite inquiries.
With these changes, the MMA Board currently comprises the following members:
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Ahmed Munawwar – Governor
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Idham Hussain – Advisor to the MMA
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Mahzoom Saleem – Private sector representative
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Fathimath Shafeega – Private sector representative
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Mohamed Ahmed – State Minister, Economic Ministry
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Ahmed Mazin – State Minister, Finance Ministry
The MMA Act stipulates that the board must consist of seven members. At present, one position remains vacant, as the post of Deputy Governor has yet to be filled.
The post became vacant after the resignation of Deputy Governor Ahmed Imad, who stepped down following attempts by the parliament to remove him. His resignation was reportedly linked to his criticism of the Hulhumalé land purchase decision.
President Dr Mohamed Muizzu has since proposed the appointment of Aishath Asna Hamid, currently serving as the head of MMA’s Financial Institutions Division, to the post of Deputy Governor.
