Deputy Speaker Nazim Advocates for Local Appointments to Senior Roles at BML

Deputy Speaker of Parliament Ahmed Nazim has urged for the appointment of Maldivians to senior positions at the Bank of Maldives (BML). His comments came during today's extraordinary parliamentary session, which focused on an amendment to the Companies Act.

Nazim expressed concern over the current composition of senior officials at BML, noting that many of them were abroad at the time when a recent policy was announced. This policy, which disallows foreign transactions on cards linked to Maldivian Rufiyaa accounts, was a significant shift in the bank's operational framework.

The Deputy Speaker highlighted that key positions such as Credit Control Manager, Operations Director, and Risk Manager were held by foreigners who were not present in the country when the decision was made. Despite this absence, these officials continued to receive a monthly salary of USD 15,000.

“A salary of USD 15,000 is not insignificant. We must seriously consider appointing Maldivians to these critical roles,” Nazim stated. He emphasized that without local oversight, BML could face more severe issues in the future, reflecting a broader concern about the governance of institutions in which the government holds a stake.

Nazim called on Parliament, the Ministry of Finance, and the Privatization and Corporatization Board (PCB) to explore ways to enhance the operation of government-shared companies. He advocated for a more effective management structure that ensures local representation and accountability.

The call for local appointments underscores an ongoing debate about the balance between foreign expertise and national interests in key financial institutions. As BML navigates these changes, the focus on local leadership aims to align the bank’s operations with national priorities and enhance its responsiveness to local needs.