{"$schema":"https://www.goodmorningmaldives.com/schemas/entity-record/1","schemaVersion":"1.0","provenance":"independent","publisher":"Good Morning Maldives","notice":"Independent record compiled and graded by the Good Morning Maldives newsroom. It contains no company-supplied press-room material; any company press room is published separately and is never merged into this record.","generatedAt":"2026-10-29T10:04:47.457Z","citation":"Good Morning Maldives, \"Maldives Monetary Authority (MMA)\", independent record (graded), retrieved 29 October 2026, www.goodmorningmaldives.com/entities/maldives-monetary-authority","entity":{"name":"Maldives Monetary Authority (MMA)","legalName":null,"type":"Institution","url":"https://www.goodmorningmaldives.com/entities/maldives-monetary-authority","website":"https://www.mma.gov.mv","sameAs":["https://www.mma.gov.mv"],"established":"1981-07-01","dissolved":null},"lastReviewed":"2026-10-29","recordRevision":null,"revisions":[],"grades":{"C":"Confirmed: primary document, official statement or two independent outlets","R":"Reported: one reputable outlet, not independently confirmed","CL":"Claimed: stated by the company, a government or an interested party","D":"Disputed: sources conflict"},"keyFacts":[{"id":"what-it-is","url":"https://www.goodmorningmaldives.com/entities/maldives-monetary-authority#fact-what-it-is","label":"What it is","value":"The central bank of the Maldives, established on 1 July 1981 under Law No. 6/81 (Maldives Monetary Authority Act 1981).","asOf":null,"grade":"C","sources":[1]},{"id":"governor","url":"https://www.goodmorningmaldives.com/entities/maldives-monetary-authority#fact-governor","label":"Governor","value":"Ahmed Munawar, appointed on 31 July 2024. He succeeded Ali Hashim, who held the office from 8 September 2019 until his removal on 22 July 2024.","asOf":"2026-10-29","grade":"C","sources":[1,3]},{"id":"exchange-rate-regime","url":"https://www.goodmorningmaldives.com/entities/maldives-monetary-authority#fact-exchange-rate-regime","label":"Exchange rate regime","value":"An exchange rate-based monetary policy framework. The MMA holds the rufiyaa against the US dollar within a band of MVR 10.28 to MVR 15.42, through intervention in the domestic foreign exchange market and management of rufiyaa liquidity.","asOf":null,"grade":"C","sources":[1]},{"id":"reserves","url":"https://www.goodmorningmaldives.com/entities/maldives-monetary-authority#fact-reserves","label":"Reserves","value":"Two MMA figures for the end of September 2026 differ. The statistics the MMA released to the press put gross official reserves at US$547 million and usable reserves at US$169.8 million. The MMA's own statistics database gives US$532.55 million for the series it labels 'foreign currency reserves'. Neither release explains the difference between the two measures.","asOf":"2026-09-30","grade":"D","sources":[4,6]},{"id":"primary-objective","url":"https://www.goodmorningmaldives.com/entities/maldives-monetary-authority#fact-primary-objective","label":"Primary objective","value":"Price stability, conducive to the sustainable growth of the economy. Financial stability comes second, without prejudice to price stability; support for the government's macroeconomic objectives comes third.","asOf":null,"grade":"C","sources":[1]},{"id":"board","url":"https://www.goodmorningmaldives.com/entities/maldives-monetary-authority#fact-board","label":"Board","value":"Seven members, executive and non-executive, including the Governor and the Deputy Governor. At 31 December 2024 four seats were filled and three were vacant.","asOf":"2024-12-31","grade":"C","sources":[1]},{"id":"policy-instruments","url":"https://www.goodmorningmaldives.com/entities/maldives-monetary-authority#fact-policy-instruments","label":"Policy instruments","value":"Minimum Reserve Requirement, Open Market Operations, foreign exchange swaps, and standing facilities: an Overnight Deposit Facility at 1.5% a year and an Overnight Lombard Facility at 10% a year. Changes are proposed by the Monetary Policy Committee and decided by the Board.","asOf":null,"grade":"C","sources":[1]},{"id":"headquarters","url":"https://www.goodmorningmaldives.com/entities/maldives-monetary-authority#fact-headquarters","label":"Headquarters","value":"Malé, Republic of Maldives.","asOf":null,"grade":"C","sources":[1]}],"vessels":[],"registrations":[],"people":[{"id":"ahmed-imad","name":"Ahmed Imad","role":"Deputy Governor","since":null,"until":null,"acting":false,"url":null,"sources":[1]},{"id":"ahmed-munawar","name":"Ahmed Munawar","role":"Governor","since":"2024-07-31","until":null,"acting":false,"url":null,"sources":[1]},{"id":"ali-hashim","name":"Ali Hashim","role":"Governor","since":"2019-09-08","until":"2024-07-22","acting":false,"url":null,"sources":[1,3]}],"timeline":[{"id":"the-mma-is-established","date":"1981-07-01","precision":"day","title":"The MMA is established","body":"Law No. 6/81, the Maldives Monetary Authority Act 1981, creates the central bank of the Maldives.","place":"Malé","grade":"C","sources":[1]},{"id":"the-monetary-regulation-comes-in","date":"1987-03-01","precision":"day","title":"The Monetary Regulation comes into force","body":"The regulation that governed foreign currency dealings until 2024.","place":null,"grade":"C","sources":[1]},{"id":"the-rufiyaa-moves-to-a-band","date":"2011-04-01","precision":"month","title":"The rufiyaa moves to a band","body":"Reporting at the time described the government implementing a managed float within a 20 per cent band of the pegged rate of MVR 12.85, which gives the MVR 10.28 to 15.42 limits in force today. The exact date of the change is not given in the source reviewed.","place":null,"grade":"R","sources":[7]},{"id":"ali-hashim-becomes-governor","date":"2019-09-08","precision":"day","title":"Ali Hashim becomes Governor","body":null,"place":null,"grade":"C","sources":[1]},{"id":"the-president-removes-the-govern","date":"2024-07-22","precision":"day","title":"The President removes the Governor","body":"President Dr Mohamed Muizzu removed Ali Hashim as Governor under section 6(3) of Law No. 6/81, following the recommendation of the People's Majlis, and proposed Ahmed Munawar as his successor.","place":null,"grade":"C","sources":[3]},{"id":"ahmed-munawar-is-appointed-gover","date":"2024-07-31","precision":"day","title":"Ahmed Munawar is appointed Governor","body":null,"place":null,"grade":"C","sources":[1]},{"id":"a-new-foreign-currency-regulatio","date":"2024-10-01","precision":"day","title":"A new foreign currency regulation replaces the 1987 one","body":"Regulation No. 2024/R-91 requires local transactions to be conducted in rufiyaa, with exemptions, and requires businesses liable for Tourism Goods and Services Tax to declare and deposit their sales with a domestic bank.","place":null,"grade":"C","sources":[1]},{"id":"currency-swap-signed-with-the-re","date":"2024-10-07","precision":"day","title":"Currency swap signed with the Reserve Bank of India","body":"A bilateral agreement under the Framework on Currency Swap Arrangement for SAARC Countries, 2024-2027.","place":null,"grade":"C","sources":[1]},{"id":"reserve-requirement-on-foreign-c","date":"2024-10-24","precision":"day","title":"Reserve requirement on foreign currency deposits cut to 7.5%","body":"Down from 10%, to relieve a shortage of foreign currency liquidity in the banking system. The rufiyaa requirement stayed at 10%.","place":null,"grade":"C","sources":[1]},{"id":"the-foreign-currency-act-comes-i","date":"2025-01-01","precision":"day","title":"The Foreign Currency Act comes into force","body":"Law No. 32/2024 repeals the 2024 regulation and extends deposit and conversion requirements to large non-tourism businesses.","place":null,"grade":"C","sources":[2]},{"id":"the-imf-s-2026-article-iv-missio","date":"2026-06-14","precision":"day","title":"The IMF's 2026 Article IV mission ends","body":"A mission led by Piyaporn Sodsriwiboon visited Malé from 4 to 14 June 2026.","place":"Malé","grade":"C","sources":[5]},{"id":"the-first-amendment-to-the-forei","date":"2026-09-01","precision":"day","title":"The First Amendment to the Foreign Currency Act takes effect","body":"Law No. 13/2026 sets the US$25 million threshold for non-tourism earners, adds a 7% rate for wholly Maldivian-owned businesses in that group, and adds rules on buying and selling foreign currency.","place":null,"grade":"C","sources":[2]},{"id":"reserves-fall-after-the-state-ba","date":"2026-09-30","precision":"day","title":"Reserves fall after the State Bank of India repayment","body":"Gross official reserves fell 14.9% on the month to US$547 million; usable reserves fell to US$169.8 million.","place":null,"grade":"R","sources":[6]}],"sources":[{"number":1,"title":"Annual Report 2024","outlet":"Maldives Monetary Authority","date":null,"url":"https://mma.gov.mv/documents/Annual%20Report/2024/AR2024%20(English).pdf"},{"number":2,"title":"Foreign Currency Act, Law No. 32/2024 (unofficial English translation, consolidated with the First Amendment)","outlet":"Maldives Monetary Authority","date":"14 December 2024","url":"https://www.mma.gov.mv/documents/Laws/Foreign%20Currency%20Act%20(english).pdf"},{"number":3,"title":"President removes Ali Hashim as Governor of the Maldives Monetary Authority and proposes Ahmed Munawar","outlet":"The President's Office","date":"22 July 2024","url":"https://presidency.gov.mv/Press/Article/31206"},{"number":4,"title":"Foreign currency reserves (series 3383)","outlet":"Maldives Monetary Authority statistics database","date":null,"url":"https://database.mma.gov.mv/viya/series/3383"},{"number":5,"title":"IMF Staff Completes 2026 Article IV Mission to the Maldives","outlet":"International Monetary Fund","date":"17 June 2026","url":"https://www.imf.org/en/news/articles/2026/06/16/pr-26208-maldives-imf-staff-completes-2026-article-iv-mission"},{"number":6,"title":"Maldives reserves fall 14.9% to $547 million in September","outlet":"Atoll Times","date":"14 October 2026","url":"https://atolltimes.mv/post/business/17416"},{"number":7,"title":"MMA auctioning dollars to banks","outlet":"Minivan News (archive)","date":"18 April 2011","url":"https://minivannewsarchive.com/?p=18951"}],"distributions":{"json":"https://www.goodmorningmaldives.com/entities/maldives-monetary-authority/record.json","fleetCsv":null,"registrationsCsv":null,"footprintCsv":null}}