The Maldives Monetary Authority (MMA) was established on 1st July 1981, and is endowed with the regular powers and obligations of a central bank under the mandate provided by the MMA Act (1981). To this effect, the MMA issues currency, regulates the availability of the Maldivian rufiyaa and promotes its stability, licenses, supervises and regulates institutions in the financial sector, formulates and implements monetary policy, and advises the Government on issues relating to the economy and financial system in order to foster an environment conducive to the orderly and balanced economic development of the Maldives.
A second amendment to MMA Act (1981) has been passed by the Majlis
and ratified by the President on 5th April 2007. The new amendment of
the Act provides for the autonomy of the MMA by separating the positions
of the Finance Minister and the MMA Governor.