The government has decided to establish a special authority to set up a development bank in the Maldives, utilizing the President's constitutional powers in consultation with the Cabinet Ministers.
Speaking at a press conference held at the President's Office last evening, Principal Secretary to the President on Public Policy Abdulla Nazim Ibrahim announced that the Cabinet has decided to establish a special authority called the "Maldives International Financial Services Authority."
The process of drafting a special regulation to establish the authority has already begun, he said.
"At the same time, the Maldives Monetary Authority (MMA) will formulate a regulation to grant the operational license for onshore banking, under which the authority will continue to operate," Nazim said.
The government will also draft a bill to establish a law on the creation of international financial centers and submit it to the Parliament for approval, he said.
As a result, he said, the development bank established by the government will obtain legal status.
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