A high-level delegation from the Financial Stability Area of the Maldives Monetary Authority (MMA), led by Deputy Governor Mr. Aishath Zahira, conducted an official visit to Sri Lanka from the 23rd to 25th of September 2025, marking a strategic effort to deepen regional financial cooperation and regulatory alignment between the two island nations.
During the three-day visit, the delegation held a series of official discussions with key financial regulatory bodies in Sri Lanka. This included a productive meeting with Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), along with senior officials from CBSL. Additionally, the team met with the Chairman and Director General of the Insurance Regulatory Commission of Sri Lanka (IRCSL), the primary authority overseeing the country’s insurance sector.
The engagement focused on reinforcing institutional ties and exploring avenues for collaborative development in financial regulation and stability frameworks. The meetings provided a platform for exchanging insights on macroprudential supervision, insurance regulation, and systemic risk management—areas critical to maintaining financial resilience in today’s dynamic global economy.
The visit comes at a time when both the Maldives and Sri Lanka are navigating post-pandemic economic recovery and working to enhance the resilience of their financial systems. With growing interconnectivity in regional markets and increasing emphasis on cross-border risk mitigation, the discussions underscored the shared commitment to build regulatory harmonization and policy cooperation.
The Maldives Monetary Authority, responsible for monetary policy, financial regulation, and currency issuance in the Maldives, continues to play a vital role in strengthening the country’s fiscal stability and ensuring financial sector soundness. With the Maldives banking system comprising seven commercial banks and over 40 non-bank financial institutions, cross-border regulatory cooperation is essential for maintaining financial integrity, especially in areas such as insurance, capital adequacy, and systemic risk oversight.
The meetings in Colombo served to strengthen working relationships, foster knowledge exchange, and support ongoing efforts to align supervisory standards with international best practices. Enhanced collaboration with regional counterparts such as Sri Lanka not only contributes to more effective financial sector governance but also supports broader economic goals, including investor confidence, sustainable growth, and financial inclusion across South Asia.
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