Governor of the Maldives Monetary Authority (MMA), Ahmed Munawwar, has reaffirmed the central bank’s full support for the development of the Maldives International Financial Centre (MIFC), announcing plans to implement a transparent and globally aligned regulatory framework to ensure its long-term success.
Speaking at the official ceremony held to formalise agreements between the Government of Maldives and Dubai-based MBS Global Investment, Governor Munawwar emphasized the strategic importance of the MIFC as an economic diversification tool. Valued at USD 8.8 billion, the MIFC is set to serve as a sustainable financial hub in the Indian Ocean, attracting foreign investment and positioning the Maldives as a regional centre for trade and finance.
Governor Munawwar stated that the MIFC marks a new chapter in the Maldives’ economic evolution, one that will extend beyond the tourism sector that has long been the country’s primary source of income. He highlighted the potential of the financial centre to open new growth avenues and elevate the Maldives’ profile in the global investment community.
In his remarks, the Governor noted that the Maldives Monetary Authority will work closely with all stakeholders to ensure that the financial environment within the MIFC adheres to international best practices. This includes establishing clear, transparent regulatory frameworks that uphold investor confidence, protect market integrity, and support innovation in financial services.
One of the centre’s key objectives, he added, is to create an attractive platform for foreign direct investment (FDI), which is expected to stimulate multiple sectors of the Maldivian economy. Furthermore, the MIFC is envisioned as a job-creating engine, particularly in the fields of digital finance and banking, offering promising new career paths for the country’s youth.
Government projections indicate that the MIFC will substantially boost national economic performance, with GDP expected to rise within four years of operation. By the fifth year, the centre’s revenue is forecasted to exceed USD 1 billion, confirming its potential to diversify the country’s income streams and ensure sustainable growth.
Conceived with environmental sustainability and financial innovation at its core, the MIFC is a major step toward transforming the Maldives into a future-ready economy. Governor Munawwar’s remarks reflect the commitment of the Maldives’ financial regulators to ensure the country remains aligned with global financial standards while delivering inclusive development and investor confidence through the MIFC.
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