Munawar appointed as Maldives’ central bank chief

President Dr. Mohamed Muizzu has appointed Ahmed Munawar as the governor of the Maldives Monetary Authority (MMA).

He was presented with his letter of appointment in a ceremony held at the President’s Office on Wednesday morning.

In a meeting held after the ceremony, President Muizzu and Munawar discussed Maldives’ economic situation.

According to the President’s Office, the president urged Munawar to collaborate with other financial institutions, while Munawar expressed full support for the government’s efforts to stimulate the country’s economy.

Munawar’s appointment as Maldives’ new central bank chief comes a day after he received the backing of the Parliament with a unanimous vote of 78.

Prior to his new appointment, Munawar had served as an advisor to Finance Minister Dr. Mohamed Shafeeq. Munawar himself had served as Finance Minister in former President Abdulla Yameen Abdul Gayoom’s administration.

He holds a Bachelor’s Degree in Economics and Finance, from the International Islamic University Malaysia; and a Master’s Degree in Economics and Finance with a major in Monetary Economics, from Macquarie University, Australia.

He is also not new to the Maldives Monetary Authority, having previously served at the central bank for over ten years.

Munawar replaces Ali Hashim, who was dismissed from the post by President Muizzu last week, after a parliamentary inquiry found he failed to properly discharge his duties.

His appointment comes at a critical time for the Maldives, as it struggles with economic woes stemming from years of debt stock accumulation and continuously high fiscal and current account deficits.