Following the changes to regulations to strengthen the work in Maldives Monetary Authority (MMA), laws have been amended to widen the work scope of MMA’s Board of Directors.
The amendment to the bill was proposed by the parliamentary representative of Keyodhoo constituency, Hussain Qasim and reviewed by the Public Accounts Committee. The bill was passed with 56 parliamentary votes.
The amended bill proposes price stabilization for economic growth which has been included to MMA’s mandate. The new law requires MMA to appoint deputy governors and directors who are above 30 years old.
Directors’ Board is expected to establish the monetary policies that will assist in regulating monetary transaction accordingly to the current economy. The Board is also expected to advise the President on the exchange rate system and assist the authorities on any monetary related work.
Moreover, the law states that the Governor should administer the proposed policies by the Directors’ Board.
The bill proposes that any decision regarding the foreign exchange rate and system will be made by the President. However, the related authorities are required to establish and ensure that is being thoroughly followed.