Deputy Speaker of Parliament, Ahmed Nazim, has called for the appointment of local talent to senior roles at the Bank of Maldives (BML). His remarks were made during an extraordinary parliamentary session held yesterday, where Members of Parliament discussed proposed amendments to the Companies Act.
Nazim raised concerns over the absence of several senior officials during a crucial decision last month to suspend foreign transactions on cards linked to Maldivian Rufiyaa accounts. He noted that at the time of the decision, key positions such as Credit Control Manager, Operations Director, and Risk Manager were held by foreign nationals who were not present in the country. Despite their absence, these officials continued to receive a monthly salary of USD 15,000.
“Fifteen thousand US dollars is no small sum. We must prioritise appointing Maldivians to these posts,” Nazim stated during the session, underscoring the need to ensure that key roles in the country’s leading bank are filled by locals.
Nazim also warned that if BML, often referred to as the ‘Maldivians’ Bank,’ remains under the control of non-locals, it could lead to more significant issues in the future. He urged Parliament, the Ministry of Finance, and the Privatisation and Corporatisation Board (PCB) to explore measures for more effective management of companies in which the government holds a stake.
The Deputy Speaker’s comments have sparked a discussion on the importance of local representation in key financial institutions and the broader implications for national economic sovereignty. The call for amendments to the Companies Act is seen as a step towards addressing these concerns and ensuring greater oversight and local involvement in companies that are partially or fully owned by the government.
