Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar, has announced a strategic target to increase the proportion of Maldivians in senior executive positions within the banking sector to 80% over the next five years. Speaking at the inauguration of Premier Bank, the Governor emphasized that doubling the financial sector’s contribution to the national GDP is a key objective. He further highlighted the necessity of strengthening local banks to prevent significant industry profits from leaving the country. To support this vision, he noted that efforts are currently underway to amend the Banking Act and introduce a new legal framework for Islamic finance. Additionally, the Governor revealed plans to establish a “Human Capacity Development Fund” next year to empower Maldivian youth with technical expertise, while also focusing on expanding digital banking and cross-border payment systems to enhance the nation’s integration into the global economy.
