President Dr Mohamed Muizzu has appointed Ahmed Munawar as the new Governor of the Maldives Monetary Authority (MMA). The appointment, made under the authority granted to the President by Section 6(3) of the Maldives Monetary Authority Act 1981 (Act No. 6/81), was formalised during a ceremony at the President’s Office this morning.
Following the presentation of the appointment letter, President Muizzu and the newly appointed Governor held discussions on the nation’s economic situation. The President encouraged Munawar to work closely with other financial institutions to address economic challenges. Munawar expressed his full support for the Government’s economic initiatives.
This appointment follows a series of significant developments concerning the MMA’s leadership. The former Governor, Ali Hashim, was removed from his position after the Public Accounts Committee of Parliament recommended his dismissal. The Committee cited inadequate performance, particularly Hashim’s policies which were perceived to indirectly restrict lending by banks and financial institutions, leading to a slowdown in economic activity. Parliament voted overwhelmingly in favour of Hashim’s dismissal.
Ali Hashim, appointed by the previous administration of President Ibrahim Mohamed Solih, faced criticism for not fulfilling the MMA’s objectives during his tenure. The decision to remove Hashim was influenced by his failure to appear before the Committee to respond to the no-confidence motion against him, Following Parliament’s recommendation, the President removed Ali Hashim as Governor of the Maldives Monetary Authority and discusses with Parliament appointing Ahmed Munawar to the role
Ahmed Munawar, who previously served as Finance Minister and most recently as an advisor to the Finance Minister, is expected to bring a fresh perspective to the MMA. His appointment aims to reinvigorate the country’s monetary policy and financial stability. Munawar’s experience and expertise are anticipated to drive more dynamic economic policies, promoting greater financial inclusion and economic activity.
This leadership change at the MMA is seen as a hopeful step towards better economic management. Observers and stakeholders are optimistic that Munawar will effectively navigate the current challenges and contribute to a more robust and responsive financial system in the Maldives.
