The Mohamed Muizzu administration is politicising the Bank of Maldives (BML) to unhealthy levels, and the Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar, should intervene, former President Abdulla Yameen Abdul Gayoom said on Thursday.
Speaking at a rally organised by his People’s National Front (PNF) party, Yameen said it was the Governor’s duty to stop BML from becoming politicised and that if he could not, he should then resign and go home.
“The Bank of Maldives is being politicised to no end. This is wrong. This is a big mistake. The Governor of the Central Bank [MMA] is someone who knows better. Munawar is there [as Governor] as you all know. He has to stop this or step down. He does not have to associate himself with this sort of thing,” he said.
The MMA, in August, amended regulations to allow individuals holding political office to be appointed to board positions at banks.
Following this, the Muizzu administration, on Tuesday this week, proposed to appoint Ahmed Ali Habeeb, Principal Secretary to the President on Cabinet Affairs, as Chairman of the Board of Directors of BML.
“Among the places that should not be politicised are places like the banking industry. But they are being politicised. This is against all governance laws, corporate governance laws,” Yameen said, criticising the administration’s approach.
While the administration has termed BML cutting off US dollar support to Rufiyaa account holders at the bank an attempt at an “economic coup,” the Police have now launched an investigation into the action—no arrests have yet been made, nor has anyone been questioned as part of the investigation.