Increasing the proportion of Maldivians working in senior positions in the Maldivian banking sector to 80 percent within the next five years is a key target of the central bank, the Maldives Monetary Authority (MMA), Governor Ahmed Munawar stated tonight.
Speaking at the ceremony held tonight to officially launch "Maldives Premier Bank," which was graced by President Dr. Mohamed Muizzu, Munawar stated that currently, foreign nationals hold approximately 40 percent of management-level positions in the Maldivian banking sector.
"Our vision is to bring this proportion down to 20 percent or lower over the next five years, and ensure that more than 80 percent of management positions are filled by Maldivians," he said.
Highlighting that efforts have begun to build youth and enhance professional capacity to achieve this goal, the Governor stated that an agreement has been signed with the Asian Institute of Chartered Bankers (AICB).
Additionally, Munawar announced tonight that a decision has been made to establish a "Human Capacity Development Fund" next year in collaboration with banks to invest in producing the technical skill required for the banking sector.
Shedding light on financial sector statistics, the Governor stated that the Maldivian banking sector is a highly profitable sector, with banks earning a pre-tax profit of MVR 5.15 billion in 2025 alone.
Noting that approximately USD 200 million has flown out of the Maldives from sector profits over the past five years, Munawar highlighted the importance of strengthening local banks and encouraging more Maldivians to invest in this sector to retain money within the Maldivian economy.
Furthermore, aligned with the government's "Maldives 2.0" policy, the Governor urged prioritization of digital banking, adapting to new technologies, and maintaining cyber security alongside customer trust as new services are introduced.
