President Abdulla Yameen has proposed Ibthishama Ahmed Saeed for the Majlis’ approval as the new governor of the Maldives Monetary Authority.

Ibthishama’s nomination for the position comes after the resignation of Dr Fazeel Najeeb last week for what he cited as being made for family reasons.

Upon his departure, Najeeb urged the state to reduce expenses and to withhold from printing money to cover debts: “A central bank must not resort to printing and releasing money, especially at a time when the economy is as weakened as it is now.

The President’s Office today reported that President Yameen had written to the former governor, thanking him for his work in strengthening and modernising the central banking authority.