Ahmed Imad, the Deputy Governor of Maldives Monetary Authority (MMA), has resigned from his position, citing that recent decisions made by the Central Bank are contrary to the core objectives of the institution.
Imad's resignation comes as a motion was filed in Parliament to remove him from office. The motion was based on allegations that former MMA Governor Ali Hashim had failed to fulfill his statutory duties, and that Deputy Governor Imad had also not met his responsibilities.
In his resignation letter, Imad expressed his honor in serving as Deputy Governor and highlighted his significant role in implementing key foreign exchange market reforms and ensuring financial stability.
He highlighted his contributions to the development of Favara, promoting financial participation, enforcing foreign exchange laws and regulations, and advancing sustainable financial initiatives.
Imad, who was appointed Deputy Governor in 2020 under former President Ibrahim Mohamed Solih, had previously served as the Executive Director of MMA's Monetary Policy Research and Statistics Division.
He had been with MMA for 25 years and holds a Master's in Economics and Finance from the UK, and a Bachelor's in Business (Economics and Science) from Malaysia.
Imad has also served as a board member for MMA and the Capital Market Development Authority (CMDA).