In a surprising move, two private sector representatives were removed from the Board of Directors of the Maldives Monetary Authority (MMA) on Saturday. The dismissed members are Assad, the Deputy Secretary General of the Maldives Association of Tourism Industry (MATI), and Shahudhy Anwar, Chairman of the Maldives International Arbitration Center.

The departure of Assad and Anwar from the central bank’s board has raised some questions, especially given their prominent roles in the private sector. Assad has been an influential figure in the tourism industry, while Anwar has contributed significantly to the development of arbitration services in the Maldives. The removal of their positions could signal potential changes in the direction or governance of the MMA, although the central bank has yet to elaborate on the decision or its implications for future policies.

While the reasons for the reshuffle remain unspecified, it is not uncommon for institutions like the MMA to periodically update their boards to ensure that they reflect the evolving economic landscape or administrative priorities. MMA’s mandate includes overseeing the monetary policy and financial stability of the country, areas that are critical to both the public and private sectors.

Further details are expected to emerge as the central bank clarifies its reasons behind the change.