The Maldives Monetary Authority (MMA) on Sunday has granted the operating license to the Development Bank of Maldives (DBM).
The license was handed over by Maldives governor Ahmed Munawar, which was received by the Minister of Economic Development Mohamed Saeed during a ceremony on Sunday.
The minister, via microblogging social platform X, said the awarding of the license is a significant and historic milestone for the Maldives as envisioned by the President Dr. Mohamed Muizzu, in his manifesto and economic development plan.
The central bank, in a statement expressed belief that the commencement of DBM services will enhance the introduction of long-term financing services.
“The MMA consider this an important step towards expanding and developing the financial sector of the Maldives,” the statement read.
The new bank is required to commence its operations latest by October 12, 2025.