Gov’t Revises Regulations to Allow Politicians on Bank Boards

The Maldives Monetary Authority (MMA), the nation’s central bank, has revised its regulations to permit the appointment of politicians to the boards of banks, insurance companies, and finance companies. 

MMA issued the amendment to its regulations, allowing individuals who are not leaders of a political party or senior officials at a State institution to hold board positions within financial institutions.

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Previously, the regulations explicitly barred political appointees of the President from serving on the boards of financial institutions. However, with this recent amendment, State Ministers and other political appointees are now eligible for these roles.

Reports suggest that the MMA implemented these changes based on recommendations from the Privatization and Corporatization Board.

According to the job vacancy announcement, the MMA is seeking managing directors for the areas of monetary policy, research, and statistics. They are also looking for directors for financial stability, banking operations, corporate services, and financial sector development. 

These positions offer a monthly salary between MVR 50,000 and MVR 55,000, with appointments made for a five-year tenure.

However, the revisions have drawn concern from some quarters, including the Maldives National Party (MNP), which is allied with the ruling People’s National Congress (PNC).