The central bank's strategic action plan does not include the purchase of a land to build a financial centre, Adhadhu has learnt.
The Maldives Monetary Authority (MMA)'s strategic action plan was formulated for three years including 2025. It has four main areas:
- Protecting
- Evolving
- Collaborating
- Future Focused
The establishment of Maldives as a financial center in the region was included under the key-point "Future Focused."
To achieve this, MMA plans to conduct a feasibility study and to draw up a road map on how to establish Maldives as a financial center. Both are scheduled to be done this year.
However, the MMA has decided to buy land for MVR 14 billion without conducting the feasibility study and planning the road map.
Adhadhu earlier reported that this was directly initiated by Governor Ahmed Munawar and submitted to the board. The vote was a tie and Munawar voted in favour of purchasing the land.
MMA Deputy Governor Ahmed Imad recently resigned in protest of the decision. Ahmed Zayan, who represented the Finance Ministry, and Shuhad Ibrahim, who represented the Economic Ministry, have also resigned from the MMA board.
