Central Bank Removes Two Private Sector Board Members

The Maldives Monetary Authority (MMA) has dismissed two private sector representatives, Asad Ali and Mohamed Shahdy Anwar, from its Board of Directors. The decision, announced recently, did not include reasons for their removal.

Asad Ali serves as the Deputy Secretary General of the Maldives Association of Tourism Industry (MATI), while Mohamed Shahdy Anwar is the Chairman of the Maldives International Arbitration Centre. Both held key positions as private sector members of the central bank's governing body, which oversees the financial sector's regulation.

The MMA’s Board of Directors comprises seven members, including the Governor, the Deputy Governor, a representative from MMA’s economic or financial sector, a Ministry of Finance official, a government economic sector official, and two private sector representatives. Appointments to the Board, including private sector members, are made by the President upon the recommendation of the Governor, with each member serving a five-year term as stipulated in the Maldives Monetary Authority Act.

The dismissal underscores the critical role of private sector members in ensuring diverse representation in the central bank's regulatory framework. However, the absence of an official explanation for the removals has prompted speculation regarding the rationale behind this decision.