Maldives appoints locals to top posts of financial institutions

Maldives Monetary Authority (MMA) in capital Male.

Maldives Monetary Authority (MMA) in capital Male.

The Maldives’ central bank has confirmed that locals have been appointed to the senior posts of all financial institutions, including banks and insurance companies, in the Maldives.

Maldives Monetary Authority (MMA) mandated last year June that all financial institutions must have Maldivians in top positions such as CEO and Deputy CEO. This directive was issued during the tenures of Dr Azeema Adam as MMA’s governor and Neeza Imad as the assistant governor of financial stability.

MMA’s spokesperson Mansoor Zubair confirmed on Wednesday that the authority’s directive regarding the senior posts of financial institutions have been successfully implemented.

Mihaaru understands that all financial institutions made the necessary changes to their top posts by the end of last July, the deadline issued by MMA.

According to an expert of the finance sector, the changes have been long in the making and they were brought about in order to facilitate the rare chance for Maldivians to serve in senior posts in the field.

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