Parliament passes amendment to allow issuance of loans to MMA staff

Parliament has passed an Amendment Bill to the Maldives Monetary Authority (MMA) Act, to allow the issuance of loans from MMA to its staff.

The bill, submitted on behalf of the government by Fuvahmulah-Central MP Ali Fazad, was passed with 48 votes in favour and 19 against.

It states that procedures should be established regarding the issuance of loans from the central bank to its staff, in three categories: for purchase of flats, for higher education for staff and their children, and for renovation of property.

Loans for other purposes can be issued as approved by the Governor, reads the Amendment Bill.