Ali Hashim has been dismissed from his position as Governor of the Maldives Monetary Authority (MMA), following the recommendation of the Parliament.
The Parliamentary Committee on Public Accounts voted on July 1 to recommend to President Dr. Mohamed Muizzu the removal of Ali Hashim from his position, citing failures in fulfilling the responsibilities associated with the role of MMA Governor. The recommendation follows a detailed examination by the committee, which highlighted critical functions of the central bank including currency issuance, managing exchange rates, advising on monetary policy, and formulating financial regulations.
In their presentation to Parliament, the committee emphasised the importance of fiscal and monetary policies as fundamental pillars of the national economy. The committee underscored that while fiscal policies guide government expenditure and tax rates, monetary policy directly impacts money circulation and interest rates through the banking system. Despite these critical roles, the committee noted severe shortcomings during Hashim's tenure, coinciding with a period of economic decline.
The Parliament then referred the case to the Public Accounts Committee for further review, following which, the committee gave Hashim three chances to appear before the committee to respond to the no confidence motion against him. However, Hashim declined the requests and submitted a written report.
A vote was taken among the members of the committee on giving Hashim an additional opportunity to respond in writing, however, the majority of the members voted against giving him any further opportunities.
The committee found that Hashim had not been performing his duties effectively as governor, particularly at a time when the government was raising funds from the domestic market and required effective regulation. The committee also noted that the MMA had not advised the government since November 17, 2023, on the key objectives outlined in the MMA Act.
Under the Maldivian Constitution, the president has the authority to remove the Governor of the MMA based on the advice of Parliament. Ali Hashim appointment was appointed to the position of MMA Governor on September 8, 2019. Following Hashim’s removal from the post, the President has recommended the name of the former Finance Minister Ahmed Munawar, to the post. Munawar is currently appointed as the advisor to the finance minister.