The Public Accounts Committee of the Maldives Parliament on Monday, passed a motion counseling the Parliament’s Speaker to dismiss the Maldives Governor, Ali Hashim.
The motion was submitted by Parliament Deputy Speaker and Dhiggaru constituency MP, Ahmed Nazim, who accused Hashim of failing to perform his duties as the head of the Maldives central bank.
At Monday afternoon’s committee meeting, another prominent MP, the business tycoon and founder of Villa Group Qasim Ibrahim, who chairs the committee, announced the motion was passed with the vote of all attended members, except for one.
The Deputy Speaker, who also sits at the committee said Hashim has failed to perform his duties to the fullest, which is a reiteration of similar statements Nazim made about the Governor during the preliminary debate held at the parliament floor on a new fiscal responsibility bill submitted by the government.
Nazim, in a paper submitted to the Public Accounts Committee, stressed that two types of policies are crucial for the Maldives’ economy – fiscal and monetary policies.
He said that while fiscal policies fell within the purview of the state, the governor of the central bank is responsible for monetary policies.
“In addition to failing to produce the results mandated by law, I do not see the monetary policy – one of the fundamentals of the MMA – functioning effectively either,” the Deputy Speaker said.
Nazim also claims the Governor had recommended indirect measures to curb issuance of bank loans and for banks to maintain reserves at specific limits, which the Deputy Speaker claims resulted in the low currency circulation in the Maldives economy.
The Deputy Speaker further claimed that central bank was failing to properly regulate the domestic market as well – out of which the state is now seeking funds from.
Nazim proposed the correct course of action right now is to dismiss Hashim, who he said has failed to act on par with his responsibilities.
If Monday’s committee decision is heeded by the parliament, and announced, Hashim will have five days to prepare a formal response.
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