The Maldives Monetary Authority (MMA) board has approved significant changes to its management structure in a bid to modernise and enhance its operations as a central bank.
A key change involves the reorganisation of the Assistant Governor position into a Managing Director role. Under this new structure, individuals currently serving as Assistant Governors will be promoted to Advisor positions.
The newly established Managing Director role will be pivotal, with the appointed individual serving a term of two five-year periods. Applications for this role will be open to both MMA employees and external candidates. According to a senior MMA official, the change will provide new opportunities for existing talent within MMA and attract technically skilled individuals from outside.
The introduction of the Managing Director position is expected to expand opportunities for educated and experienced professionals keen on joining MMA, thereby strengthening the institution’s talent pool.
These structural changes were implemented following consultations with the MMA board and the newly appointed Governor, Ahmed Munawar. The new management framework is anticipated to boost MMA’s operational efficiency and foster positive outcomes.
By adopting these structural changes, MMA aims to remain competitive and responsive to the evolving demands of the financial sector, ensuring robust governance and enhanced performance in its central banking functions.
