The Governor of the Maldives Monetary Authority (MMA), Ahmed Munawwar, has confirmed that the Development Bank of Maldives (DBM) will soon receive its operating licence, marking a significant step towards enhancing the country’s financial infrastructure. Speaking on a programme aired by PSM News, Governor Munawwar announced that the MMA’s Board of Directors has approved the necessary licence for DBM, following the completion of related research work.
The licence is expected to be issued within the week, with Munawwar expressing optimism that DBM will soon begin operations. He underscored the importance of financial institutions in strengthening the Maldivian banking system, noting that the current system struggles to finance large-scale projects, such as resort developments, which are crucial to the tourism sector.
Munawwar also highlighted the broader need for an International Financial Centre in the Maldives. This initiative aims to strengthen the banking sector’s capabilities by enabling domestic financing of projects, reducing reliance on international financial sources.
While the infrastructure for DBM is still under development, the bank’s primary focus will be to facilitate investments aligned with government policies for sustainable socio-economic development. Additionally, DBM will play a key role in addressing challenges related to funding Public Sector Investment Programmes (PSIP) through syndicated financing. The bank is also expected to attract global investments in foreign currency, thereby bolstering the Maldivian economy.
The government’s decision to develop DBM is part of a broader strategy to modernise the financial sector and create more opportunities for investment within the country.
