Deputy Speaker of the Parliament Ahmed Nazim has underscored the crucial importance of recruiting locals to the senior positions of the Bank of Maldives (BML).
Speaking about the Companies Act amendment bill proposed to the Parliament, Deputy Speaker Nazim noted that the three individuals serving at the top most position of BML, were not present in the Maldives, when the bank announced the USD transaction limits. Nazim observed that the bank's Operations Director, Credit Control Manager and the Risk Manager were not present when this significant decision was made. Highlighting that these positions are high paying positions, he emphasised the critical need of appointing Maldivians for the positions.
Furthermore, Nazim called onto the government to brainstorm potential measures to enhance the management of state-owned enterprises (SOEs). He stated that the Privatisation and Corporatisation Board and the Ministry of Finance must monitor the progress and situation of the SOEs daily.
BML announced the US dollar transaction limits on August 25. The government revealed that this decision was undertaken against the government. Therefore, the bank reversed its decisions following extensive discussions with the Maldives Monetary Authority (MMA). Maldives Police Service (MPS) indicated that the action taken by BML may be an effort to undermine the current administration. Therefore, MPS is proceeding with its investigation into the matter.