Maldives Monetary Authority (MMA) has acquired land from Hulhumale’ for MVR 211 million to develop its new office.
Civil Court of the Maldives publicized the details of the transaction which proceeded through the court.
Central bank has acquired a 43,400 square feet plot located near Hulhumale’ ferry terminal, and the authority is currently designing the building structure.
According to an MMA media official, the decision to develop the office in Hulhumale’ was made to move away from crowded buildings in Male’ City. The official said this was aimed to enhance safety and security in the transfer of state funds and managing the treasury.
“The authority is currently situated in a high-traffic location, making it challenging to enhance security measures effectively. The presence of several neighboring buildings reduces safety parameters for the authority’s office, which is why we have decided to relocate away from such a crowded location,” the official commented.