Sajny resigns from BML’s board

Aishath Sajny has resigned from Bank of Maldives (BML)’s board.

Sajny’s resignation has been confirmed to Sun. However, BML has yet to comment on her resignation.

The bank said it will be disclosing details regarding board members after its Extraordinary General Meeting (EGM),

Sajny represents the government on the bank’s board of directors.

She has over 10 years of professional experience in Macroeconomics and Finance. She was the Economist and Head of Research Division of Maldives Monetary Authority (MMA) from 2017 to 2019. She has held various positions in MMA including Senior Research Analyst of Economic Research Section, Debt Manager of Public Debt Unit and Head of Market Operations.

She holds a Masters in Applied Economics from Eastern Michigan University, USA and a Bachelor of Science in Economics and Finance from the London School of Economics, Singapore.

Notably, Sajny was dismissed from the board earlier this year and reappointed two days later.

On August 25^th, BML drew public backlash and the government’s ire after it suspended foreign transactions on MVR cards, citing a severe US dollar crunch. It suspended foreign transactions for existing debit cards, as well as new debit and credit cards linked to MVR accounts. It also lowered the monthly limit for standard and gold credit cards to USD 100.

 But the bank reversed the decision within hours, a move it said was based on instructions from the central bank following a statement from MMA claiming the decision contradicted President Dr. Mohamed Muizzu’s instructions.

Government officials, including President Muizzu, have accused the opposition of being behind the card limit changes, terming it as an attempt to stage a “financial coup.”

The police opened a criminal investigation on August 26, a day after the BML made the controversial move, citing there’s room to believe the opposition had attempted to topple President Muizzu’s administration by stoking up fears of a financial crisis and inciting people to take to the streets.

BML’s CEO Karl Stumke resigned from his post during the aftermath. Deputy CEO Aishath Noordeen who have been working at the bank for 42 years also resigned from the bank’s board of directors but retained her post as Deputy CEO. Noordeen has been appointed acting-CEO till the appointment of a new CEO.