The Maldives Monetary Authority (MMA) has initiated the process of amending banking laws to bolster the nation’s banking industry and ensure that foreign currency inflows are retained within the domestic financial system. Governor Ahmed Munawwar highlighted that a significant portion of tourism revenue remains outside the local banking network, while approximately $200 million has been expatriated as profits by foreign banks operating in the Maldives over the past five years. Consequently, the primary objective of these legislative reforms is to enhance the capacity of local banks and establish robust mechanisms to retain US dollars within the national financial system.
