President Ibrahim Mohamed Solih has on Thursday ratified the 4th Amendment Bill to Maldives Monetary Authority (MMA) Act (Act no: 6/81). Parliament passed the bill at the 28th sitting of its third session held on Monday, December 7 2020.
The Amendment brings along essential changes to the overall function of the MMA, paving the path to achieve sustainable economic progression while maintaining price and financial stability. It mandates MMA to aid the Government in achieving national economic progress and stability.
The Amendment introduces new definitions for previously established terminology in the Act, including the definitions for financial institutions, non-bank financial establishments and 'Governments' primary dealer of securities'. It also establishes several structural changes to MMA's governance, such as the composition of the Board of Directors and the appointment of the Governor and the Assistant Governor. The amendment further serves to supplement the MMA Act with several new inclusions including those relating to Securities Market, Credit Information System and foreign exchange.
Upon ratification, the Act has now been published in the Government Gazette.