BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Maldives Monetary Authority Maldives Monetary Authority The Maldives Monetary Authority (MMA) was established on 1st July 1981, and is endowed with the regular powers and obligations of a central bank under the mandate provided by the MMA Act (1981). Its primary functions are to issue currency, regulate the availability of Maldivian rufiyaa (MVR), promote its stability, manage licenses, supervise and regulate institutions in the financial sector, formulate and implement monetary policy and to advise the government on issues relating to the economy and financial systems.   A second amendment to MMA Act (1981) has been passed by the Majlis and ratified by the President on 5th April 2007. The new amendment of the Act provides for the autonomy of the MMA by separating the positions of the Finance Minister and the MMA Governor. The Maldives Monetary Authority aims to be a key player in enabling a domestic economic environment that is conducive to maintaining sustainable economic growth and development. Prudent monetary and exchange rate policies will be implemented with the aid of up-to-date technology by well-trained and able staff. Another aims of MMA is to facilitate and regulate a sophisticated and dynamic financial sector that is able to meet the needs of a nation that aspires to attain high-ranking middle-income developing country status by the year 2020. Monetary policy in Maldives has been aimed at achieving and maintaining price stability, by using an exchange rate peg with the US dollar as the intermediate target, in a manner conducive to balanced and sustainable growth of the national economy. Maldives Monetary Authority HQ Address: Boduthakurufaanu Magu Malé 20182 Republic of Maldives Tel: +960 331 2343 Fax: +960 332 3862 Website: www.mma.gov.mv Email: mail@mma.gov.mv Currency: Maldivian Rufiyaa Banking Hours: Sunday - Thursday 08:00 - 16:30   The financial sector in the Maldives is very narrow and dominated by the banking sector. The banking sector consists of one locally owned commercial bank – the Bank of Maldives and branches of five foreign owned commercial banks. Non-bank financial institutions in the country consist of insurance companies, a finance leasing company, a specialized housing finance institution, money services businesses and securities market intermediaries. All banks and the non-bank financial institutions, except for the securities market intermediaries, operate under the supervision of the MMA. List of banks governed by the Maldives Monetary Authority » Bank of Maldives Plc » Bank of Ceylon » Habib Bank Limited » State Bank of India » HSBC » The Mauritius Commercial Bank Ltd DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved