The Maldives Monetary Authority (MMA) has announced the dismissal of two private sector representatives from its Board of Directors. The members removed are Assad Ali and Mohamed Shahdy Anwar, both prominent figures in the Maldivian business and legal sectors.
Assad Ali holds several influential roles, including Deputy Secretary General of the Maldives Association of Tourism Industry (MATI), Managing Director of Novelty Group of Companies, and owner of Park Hyatt Maldives Hadahaa. Mohamed Shahdy Anwar serves as the Chairperson of the Maldives International Arbitration Centre, provides legal advisory services to multiple companies in the tourism industry, and has contributed to tax-related legislative development.
The MMA’s Board of Directors comprises seven members, including the Governor, the Deputy Governor, a representative from the Authority’s economic or financial sector, an official from the Ministry of Finance, a government economic sector official, and two private sector representatives. According to the Maldives Monetary Authority Act, all Board members are appointed by the President based on recommendations from the Governor, and they serve five-year terms.
As the regulatory authority overseeing the Maldives’ financial sector, the MMA’s Board plays a crucial role in shaping monetary policies and ensuring financial stability. The decision to remove these private sector representatives has raised questions, with further updates awaited on the future composition of the Board.
