We will work to enhance our monetary policy transmission mechanism through de-dollarisation and by pursuing the most appropriate exchange rate regime for the Maldives to maintain price stability. In line with these changes, our monetary policy instruments will be redesigned by establishing added incentive mechanisms for local currency. Legislative and operational changes will be considered to develop a well-functioning foreign exchange market.

Goal 1 in details

We will continue to regulate and supervise the financial sector with the objective of promoting financial stability and an efficient financial system, while maintaining public confidence.

Goal 2 in details

One of our foremost priorities over the coming five years is the development of a safe and robust payments system infrastructure that is conducive to the efficient and smooth functioning of economic activities while promoting innovation and economic growth. We will also continue to promote a safe and secure currency while also ensuring its management is in line with the best international practices and to the requirements of the economy.

Goal 3a in details

We will work towards increasing the efficiency of the banking services to the government, and developing the government securities market in line with the international best practices and the requirements of the economy.

Goal 3b in details

We will work to improve the operational efficiency of the MMA. To this end, we intend to focus on the automation of operational processes to enhance productivity, develop the human resources of the MMA, adhere to international best practices in governance and risk management, enhance the robustness and security of IT infrastructure, improve communication with the public and promote a conducive work environment for our staff.

Goal 4 in details

We will strive to enhance macroeconomic research and statistics by improving the coverage and quality of data, prioritising policy relevant research, and improving public outreach platforms to facilitate policy decisions, and undertake efforts to increase macroeconomic awareness among the public.

Goal 5 in details

We will aim to provide all-inclusive access to affordable financial services, through innovative mechanisms to allow competition, efficiency and diversity in the financial sector. In our efforts to ensure a financially literate population capable of making informed decisions, we will be implementing a collaborative and comprehensive financial literacy programme. Furthermore, we will seek to establish a sound comprehensive legislative framework for both financial consumer protection and Islamic finance to strengthen the financial sector of the Maldives.

Goal 6 in details