Increasing the proportion of Maldivians in senior banking sector positions to 80 per cent is a key target, Ahmed Munawar, the governor of the Maldives Monetary Authority (MMA), stated on Monday. The governor delivered the remarks during the official launching ceremony of the Maldives Premier Bank Private Limited.
Expanding the domestic financial sector and doubling its share of gross domestic product remains a primary objective, Munawar noted, pointing to robust industry earnings. Commercial banks generated approximately USD 356 million in pre-tax profits in 2025 and paid roughly USD 47.82 million in bank income tax, representing 14 per cent of corporate receipts. Tourism-related lending stands at approximately USD 800 million, accounting for 16 per cent of the sector's USD 5 billion valuation.
Addressing capital flight, the governor disclosed that 11 per cent of banking profits were remitted abroad last year, with five-year outflows approaching USD 200 million. To retain economic benefits, the central bank is amending the Maldives Banking Act, introducing Islamic financial legislation, and encouraging local investment, he added.
Foreign nationals presently hold 40 per cent of banking management roles, which the authority aims to reduce below 20 per cent within five years. “To achieve this, we must invest in building people both professionally and academically,” Munawar maintained, citing a training pact with the Asian Institute of Chartered Bankers and plans for a joint Human Capacity Development Fund. Digital transformation, aligned with the government's 'Maldives 2.0' vision, he added, will modernise cross-border payment systems to integrate local businesses into global commerce.