The Maldives Monetary Authority (MMA) has announced the dismissal of two private sector representatives on its Board of Directors. The members removed from their positions are Asad Ali and Mohamed Shahdy Anwar.
Mr Ali, who also serves as the Deputy Secretary General of the Maldives Association of Tourism Industry (MATI), and Mr Anwar, Chairman of the Maldives International Arbitration Centre, were the private sector members on the Board of the primary regulator of the nation's financial sector. The central bank has yet to give reasons for their dismissal.
According to the Maldives Monetary Authority Act, the President appoints the central bank's Governor and Deputy Governor. The President appoints the other five Board members, each serving a five-year term, upon the Governor's recommendation.
The MMA's Board of Directors is comprised of seven members: the Governor, the Deputy Governor, a representative from the MMA’s economic or financial sector, an official from the Ministry of Finance, a government economic sector official, and two directors from the private sector.