The government has appointed two new members to the Board of Directors of the Maldives Monetary Authority (MMA), following the resignation of two previous members earlier this year in the wake of controversy surrounding a major land acquisition in Hulhumalé.
According to information published on the MMA’s website, Mohamed Ahmed, State Minister at the Ministry of Economic Development and Trade, and Ahmed Mazin, State Minister at the Ministry of Finance, have been appointed to the central bank’s board. Their appointments follow the departure of Shuhad Ibrahim and Ahmed Zayan Mohammed, both of whom resigned in March after the board’s decision to purchase land in Hulhumalé for MVR 14 billion. The MMA has not released an official statement regarding the exact date of the appointments.
With these changes, the current composition of the MMA Board includes Governor Ahmed Munawwar, MMA Advisor Idham Hussain, private sector representatives Mahzoom Saleem and Fathimath Shafeega, alongside the two newly appointed state ministers. This brings the total number of board members to six.
One seat remains vacant, as the position of Deputy Governor has yet to be filled. The post became vacant following the resignation of Ahmed Imad, who stepped down after parliament initiated proceedings to remove him. His resignation was reportedly linked to his criticism of the board’s decision to proceed with the Hulhumalé land purchase.
President Dr Mohamed Muizzu has since proposed the appointment of Aishath Asna Hamdi, who currently serves as the head of MMA’s Financial Institutions Division, to the role of Deputy Governor.
MMA’s Board of Directors must consist of seven members, including the Governor and Deputy Governor.
