Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar, has highlighted the financial and external economic challenges faced by Small Island Developing States during the Asian Development Bank’s 2026 Asian Regional Forum on Investment Management of Foreign Exchange Reserves, held in Hanoi, Vietnam.
Addressing regional central bank officials, financial policymakers and reserve management professionals, Governor Munawar delivered a presentation titled “Trends and Challenges in Reserve Management in Times of Geopolitical and Macroeconomic Uncertainty,” focusing on how global economic volatility continues to affect smaller and highly import-dependent economies such as the Maldives.
Drawing on the Maldivian economic experience, Governor Munawar highlighted the impact of external economic shocks, rising international import prices and sustained pressure on foreign exchange reserves. As an island economy with significant dependence on imported goods and services, developments in international commodity markets, transportation costs, interest rates and global financial conditions can have a direct influence on domestic economic and foreign exchange conditions.
The Maldives has continued to strengthen its economic and financial policy framework while navigating these external pressures, with foreign exchange reserve management remaining an important component of maintaining macroeconomic stability and supporting the country’s broader development objectives. The country’s strong tourism-driven economy also plays a central role in foreign currency generation, making effective management of foreign exchange inflows and reserves particularly important for supporting imports, investment and overall economic activity.
Governor Munawar emphasised the importance of central banks maintaining adequate liquidity buffers to absorb sudden international shocks and preserve resilience during periods of heightened global uncertainty. He also called for stronger coordination among relevant authorities and greater flexibility in reserve management strategies, enabling policymakers to respond more effectively to changing international financial and economic conditions.
The participation of the Maldives at the regional forum reflects the country’s continued engagement with international and regional financial institutions and its commitment to strengthening monetary and reserve management practices in line with evolving global economic conditions. Such engagement also provides opportunities for the Maldives to exchange experiences with other economies and contribute the perspective of Small Island Developing States to regional discussions on financial stability.
Governor Munawar was accompanied by Rushaha Ahmed Shareef, Senior Manager of the Foreign Exchange Division at the Maldives Monetary Authority, who also participated in the forum’s sessions alongside representatives of regional central banks and financial policy experts.
The forum provided an important platform for policymakers and reserve managers to examine emerging risks, exchange technical expertise and discuss approaches for safeguarding foreign exchange reserves amid geopolitical tensions, macroeconomic uncertainty and evolving global financial market conditions.
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