Governor of Central Bank, Maldives Monetary Authority (MMA), Ahmed Munawar has called for greater harmony between fiscal and monetary policies to address the Maldives’ economic challenges.

In an exclusive interview on MMTV's Bodu Khabaru, Munawar stressed the need for fiscal discipline alongside monetary policy, emphasising that printing money alone is not a solution. He explained that macroeconomic policy must align with fiscal frameworks to ensure stability and sustainable growth.

Maldives' economy, heavily reliant on foreign currency inflows from tourism, faces unique vulnerabilities. Munawar argued that strengthening both fiscal and monetary policies is essential to overcome constraints brought on by the COVID-19 pandemic and ensure resilience in the financial sector.

As such, Munawar noted that MMA's target is to revert foreign currency exchange rates at local banks to pre-pandemic 2019 level.