Maldives Monetary Authority (MMA) has set an ambitious target to double the size of the financial sector within the next five years, according to Governor Ahmed Munawar. Speaking on MMTV’s Bodu Khabaru, Munawar outlined his vision to strengthen the sector’s contribution to the economy.

Despite being a multi-billion-dollar tourism destination, Munawar highlighted that the sector’s wealth is not reflected in the local banking system, as foreign banks dominate and profits flow abroad. Plans include making the financial sector more attractive to locals by introducing technical training through the MMA Training Institute, in collaboration with banks and universities.

Munawar cited Mauritius as an example of successful financial expansion, noting the importance of a stable foreign exchange market and the development of Islamic banking as integral to this goal.