President Dr. Mohamed Muizzu has appointed Ahmed Munawar as the new Governor of the Maldives Monetary Authority (MMA). Munawar’s appointment follows the recent dismissal of his predecessor, Ali Hashim, based on parliamentary recommendations.
In his new role, Munawar is expected to address significant economic challenges facing the Maldives. During his address to the Parliament’s Public Accounts Committee, Munawar emphasized the need for austerity measures and the expansion of the banking sector to enhance the country’s economic stability. He highlighted the critical issues of foreign currency retention, declining tourism receipts, and the substantial overdraft from public accounts.
Munawar’s strategy includes ensuring that the majority of dollar revenue is directed towards repaying external loans and addressing the disparity between the Maldivian Rufiyaa and the available US dollars, which has driven up black market exchange rates. He also plans to implement legal reforms to better monitor dollar circulation and identify parties involved in unauthorized transactions.
With a focus on balancing the economic benefits of foreign labor and maintaining a legal and manageable expatriate workforce, Munawar’s proposed measures aim to support the Maldives’ ongoing and upcoming development projects.
As the new Governor, Munawar’s efforts will be crucial in navigating the Maldives through its economic challenges and fostering a more stable financial environment.
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