Although Maldives Monetary Authority (MMA) has announced five new Managing Director positions among efforts to modernize the central bank and improve its operational efficiency, the aim of the decision is to offer further opportunities for existing staff.
Although Maldives Monetary Authority (MMA) has announced five new Managing Directorial positions among efforts to modernize the central bank and improve its operational efficiency, the aim of the decision is to motivate and offer further opportunities for existing leaders, said the Governor of MMA, Ahmed Munawar on Sunday.
Munawar said during an interview with Mihaaru News that the central bank's current administrative framework has capped advancement opportunities for those serving in Assistant Governor roles. Employees are offered the chance to assume managerial control of their department every five years with this offer to advance into Managing Director positions, he clarified.
Following Munawar's recent appointment into the role of Governor on July 31, the institution's board passed five areas where Managing Directors are required and announced them.
Managing Directors will be appointed for the following areas:
- Monetary Policy, Research and Statistics
- Financial Stability
- Banking Operations
- Corporate Services
- Financial Sector Development
Munawar said yesterday that these five Managing Directors will be instated without imposing major alterations to the bank's structure, with existing employees also offered the chance to apply.
He said that the aim of extending this chance is to expand new opportunities for those fulfilling leadership positions at MMA and to facilitate avenues for development. The composition of the structural framework presently does not allow the chance for middle management employees to further succeed, the Governor further highlighted.
"As it stands like such, everyone concludes their tasks and heads home for the day. There are no further means to generate output. I brought this change to address this," said Munawar.
"I hope those employed here will also apply. They can revert to their initial positions after performing five or ten years in the role."
Munawar elaborated that those appointed as Managing Directors will receive their current salary for the role, however, with the addition of another allowance.
"[The position is] just a title, work performed under this title will incur an additional allowance," he said.
MMA announced on Thursday that the authority was seeking candidates to apply for the five Managing Director positions, which are open to both men and women. The job announcement clarified that the salary for these roles will range between MVR 50,000 to MVR 55,000.
Salaries and allowances received by employees of MMA are relatively higher than that of other State institutions.
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