Bank of Maldives (BML) has elected its new board of directors and the chairperson of the board, during its 38th annual general meeting.
BML revealed its new board of directors include Aishath Nooraddeen, Yooshau Saeed, Juwairiya Saeed, Abdulla Hassan, Abdulla Husam Shareef and Mohamed Sharah as government representatives, and Abdulla Ibrahim and Ahmed Mohamed as public representatives. Yooshau Saeed has been elected as the chairperson of the board of directors, which also includes CEO and Managing Director of the bank, Tim Sawyer.
The 38th annual general meeting of the national bank was held online on July 15, due to COVID-19 restrictions. Speaking at the meeting, CEO Sawyer highlighted the many challenges faced by the bank due to the COVID-19 pandemic, noting profits had gone down by 60% last year compared to 2019. However, he noted BML continues to play an important role in stabilising the country’s economy amid the COVID-19 pandemic. As such, he revealed BML has acquired about USD 90 million in funding from different financial organisations to reduce liquidity pressure. He also noted BML has undertaken important efforts to maintain the foreign currency reserve to prevent a financial collapse.