Munawar: MMA targeting over 80% Maldivians in senior banking posts within five years

Ahmed Munwar, central bank Maldives Monetary Authority (MMA)’s governor, on Monday night, stated that the central bank aims to increase the number of Maldivians in senior management positions within the banking sector to over 80 percent within the next five years.

Speaking at the inauguration ceremony of the Maldives Premier Bank, Governor Munawar noted that expatriates currently occupy 40 percent of management roles in the country's banking industry.

"Our vision is to reduce this ratio to 20 percent or lower over the next five years, ensuring that more than 80 percent of management positions are held by Maldivians," the Governor stated.

To achieve this objective, the Governor highlighted the necessity of youth development and professional capacity building. In this regard, he announced the signing of an agreement with the Asian Institute of Chartered Bankers (AICB).

Furthermore, the Governor shared key financial statistics during the ceremony. He emphasized that the banking sector remains highly profitable, noting that pre-tax profits for banks reached MVR 5.15 billion last year alone.

He also revealed that USD 200 million in profits from the banking sector has left the country over the past five years. To retain this capital within the domestic economy, Governor Munawar stressed the importance of increased Maldivian participation and investment in the sector, as well as the necessity of strengthening local banks.

He concluded by stating that the establishment of the Maldives Premier Bank is a significant step toward these goals, adding that the overarching aim is to foster the growth of local banks alongside international institutions to establish a robust financial system.