MNP slams appointment of 5 managing directors to central bank

Maafannu North MP Mohamed Nazim, who is the President of Maldives National Party (MNP), part of the governmental coalition, has criticised the central bank Maldives Monetary Authority (MMA)'s change to the structure of the office and appointing five Managing Directors.

With the change in the management structure of the MMA, the post of Assistant Governor has been transferred to the post of Managing Director. Deciding to appoint five MDs, applications were opened for the posts.

Looking at the current status of the country’s economy, Nazim said the appointment of five managing directors to the MMA would be an additional financial burden on the state. The salary for the post is between MVR 50,000 and 55,000 per month. 

“Therefore, I urge the MMA Governor to strengthen the leadership structure to reduce expenditure,” Nazim said.

MMA is looking to appoint managing directors in five areas, and their term of office is five years.

The five areas are:

The first decision taken by the new MMA Governor Ahmed Munawwar after taking office was to make changes to the bank's structure. The MMA said the changes are aimed at making the MMA a modern central bank that produces good results.