The Maldives Monetary Authority (MMA) is the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...

of the republic of

Maldives Maldives (, ; dv, ދިވެހިރާއްޖެ, translit=Dhivehi Raajje, ), officially the Republic of Maldives ( dv, ދިވެހިރާއްޖޭގެ ޖުމްހޫރިއްޔާ, translit=Dhivehi Raajjeyge Jumhooriyyaa, label=none, ), is an archipelag ...

and was established on July 1, 1981, under the

mandate Mandate most often refers to: * League of Nations mandates, quasi-colonial territories established under Article 22 of the Covenant of the League of Nations, 28 June 1919 * Mandate (politics), the power granted by an electorate Mandate may also r ...

provided by the "MMA Act" of 1981, located in the capital city of Malé. The current governor and chairperson is Ali Hashim and deputy governor is Mr. Ahmed Imad. It is a member of the

Asian Clearing Union The Asian Clearing Union (ACU) was established on December 9, 1974, at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The primary objective of ACU, at the time of its establishment, was to se ...

. Its primary functions are to issue

currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general ...

, regulate the availability of Maldivian rufiyaa (MVR), promote its stability, manage licenses, supervise and regulate institutions in the

financial Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...

sector, formulate and implement

monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for federal funds, very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money s ...

and to advise the government on issues relating to the

economy An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with th ...

and financial systems. The MMA is a member of th
Alliance for Financial Inclusion
and is active in developing

financial inclusion Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...

policy.

Governors

Maumoon Abdul Gayoom Maumoon Abdul Gayoom (; dv, މައުމޫން ޢަބްދުލް ޤައްޔޫމް; born 29 December 1937) is a Maldivian politician and an Islamic scholar who served as the President of Maldives from 1978 to 2008. After serving as Minister of Tran ...

, July 1981 - August 2004 *

Mohamed Jaleel Muhammad was an Islamic prophet and a religious and political leader who preached and established Islam. Muhammad and variations may also refer to: *Muhammad (name), a given name and surname, and list of people with the name and its variations ...

, September 2004 - July 2005 *

Qasim Ibrahim Qasim Ibrahim (born February 10, 1951), also known as Buruma Qasim is a Maldivian politician, business magnate and philanthropist. As the chairman and founder of the Villa Group, he is one of the country's wealthiest businessmen. Ibrahim r ...

, August 2005 - April 2007 *

Abdulla Jihad Abdulla Jihad served as Vice President of Maldives from 22 June 2016 to 17 November 2018. Prior to his appointment on 22 June 2016, he served as the Minister of Finance. Mr Abdulla Jihad was born on 3 January 1963. He graduated from the Universi ...

, August 2007 - July 2008 *

Fazeel Najeeb Fazeel Najeeb is former governor of the Maldives Monetary Authority (2008-2013) where he is also the Chairman of the Board of Directors. A native of Fuvahmulah, Fazeel is also the Governor of Maldives to the International Monetary Fund, and the cu ...

, October 2008 - December 2013 *

Azeema Adam Silsila Azeemia (commonly known as the Azeemi Spiritual Sufi Order) is a Muslim Sufi order based in Pakistan with a following in the UK, the US, Austria, Serbia, Russia, Australia, Canada and various countries of the Middle East. The tariq ...

, April 2014 - August 2017 *

Ahmed Naseer Ahmed Naseer (born October 31, 1975, in Maldives) is a Maldivian economist and former governor of Maldives Monetary Authority from August 2017 to July 2019. Naseer was raised in Malé, the capital of Maldives, and attended Iskandar School and Maj ...

, August 2017 - July 2019 * Ali Hashim, 2019 - present

References

External links

Maldives Monetary Authority official site
Government of the Maldives Economy of the Maldives

1981 establishments in the Maldives Banks established in 1981 {{Asia-bank-stub