The Maldives Monetary Authority (MMA) is to appoint five managing directors, with changes to its structure.
Speaking to PSM News, an official of MMA disclosed that the bank has made the decision to bring changes to its structures to strengthen the work of the authority and produce better results. As such, the post of Assistant Governor has been transferred to the post of Managing Director. The existing assistant governors have been promoted to advisors.
The official disclosed that five managing directors will be appointed from five sectors. The bank noted that the decision was made to expand opportunities for educated and experienced individuals. As such, it converted the newly created Managing Directors to two five-year terms. Additionally, the opportunity to apply for the posts will be open to the employees of the MMA as well as the public.
Changes to the structure of the central bank were brought up in consultation with the MMA Board and approved by the newly appointed Governor of the MMA Ahmed Munawar. He was appointed as the Governor of the MMA in July, following the dismissal of former Governor Ali Hashim, citing failures in fulfilling the responsibilities associated with the role of MMA Governor. Upon his appointment to the post, Munawar has given his commitment to fully support the government’s efforts to boost the country’s economy.