Central Bank Governor Ahmed Munawar has called for a revision of banking capital requirements to empower local banks in the Maldives.

Munawar noted that while the Maldives’ tourism sector generates significant revenue, the benefits are often directed abroad due to the dominance of foreign banks. He argued that increasing banking capital for local institutions would help create financial assets within the country and reduce reliance on foreign entities.

He also emphasised the importance of creating assets that remain within the country to ensure that the financial benefits of the multi-billion-dollar tourism industry directly contribute to the local economy.

Speaking on MMTV's Bodu Khabaru, Munawar further outlined the current financial system needs reforms to empower domestic institutions and promote economic resilience. He also pointed to the role of Islamic banking as a potential driver for growth, urging a focus on local banking development to address long-standing imbalances in the financial sector.