President replaces two members on MMA board of directors

President Abdulla Yameen has on Monday replaced two members on the board of directors of the Maldives Monetary Authority (MMA).

The representative of the Finance Ministry – the ministry’s permanent secretary – has been replaced with State Minister for Finance and Treasury Ahmed Munavvar.

Additionally, the private sector representative has also been changed. The seat formerly filled by Damas Company owner Mohamed Solih has been replaced with Inner Maldives Deputy Managing Director Abdulla Giyas Riyaz.

The remaining four positions on the board are filled by Deputy Governer Aishath Zahira, Assistant Governer Dr Azeema Adam, Minister of Youth and Sports Mohamed Maleeh Jamaal and former Minister Hussain Hilmy.

While the MMA Governor is also mandated to be part of the board, the position still remains vacant after former Governor Fazeel Najeeb resigned from his position.

Dr Azeema’s name was given to the People’s Majlis last month as President Yameen’s nominee for the governor’s post after Ibthishama Ahmed Saeed – an associate director at the Bank of Maldives – had been forwarded for the role before withdrawing her name amid suggestions she was not qualified for the role.

Today’s reshuffle is the second round of changes that the current administration has brought to the MMA board since it assumed power in November 2013.