MMA makes major organizational changes, will appoint 5 MDs

The Maldives Monetary Authority (MMA) reveals major changes to its organizational structure, approved by its board, towards modernization efforts.

An MMA official speaking to 'Sun' confirmed changes to the organizational hierarchy and framework to strengthen the central bank and added that these changes would enhance its operations.

With these changes, the Assistant Governor's role has been changed to the Managing Director's designation. The current assistant governors have been promoted to advisor designations, the central bank official added.

The new managing director's role will have a five-year fixed duration of two maximum terms.

The official said that existing MMA employees and other interested candidates will have the opportunity to apply for these positions, out of which the most capable individuals will receive the opportunity based on their merit and experiences.

These changes have been finalized by the Maldives Governor with the counsel of the central bank's board.